Palantir Technologies (NASDAQ:PLTR) Trading 7% Higher - What's Next?

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) shares shot up 7% during mid-day trading on Friday . The stock traded as high as $130.37 and last traded at $130.83. 51,946,242 shares traded hands during trading, a decline of 34% from the average session volume of 78,149,249 shares. The stock had previously closed at $122.32.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PLTR. Royal Bank of Canada reissued an "underperform" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Mizuho boosted their price target on shares of Palantir Technologies from $80.00 to $94.00 and gave the company an "underperform" rating in a report on Tuesday, May 6th. Bank of America boosted their price target on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, February 4th. Robert W. Baird lifted their price objective on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Finally, Citigroup lifted their price objective on shares of Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, Palantir Technologies presently has a consensus rating of "Hold" and an average target price of $83.95.

Palantir Technologies Stock Performance

The company has a market capitalization of $298.84 billion, a price-to-earnings ratio of 666.51, a P/E/G ratio of 10.84 and a beta of 2.68. The stock's fifty day simple moving average is $105.90 and its two-hundred day simple moving average is $90.06.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 16.13% and a return on equity of 6.85%. The company had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. During the same period in the prior year, the company earned $0.08 EPS. Palantir Technologies's revenue was up 39.4% on a year-over-year basis. On average, equities analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Alexandra W. Schiff sold 6,776 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $86.63, for a total value of $587,004.88. Following the transaction, the director now owns 184,617 shares in the company, valued at $15,993,370.71. This represents a 3.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total value of $103,437,500.00. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at $48,988. This represents a 99.95% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,901,701 shares of company stock worth $370,407,533. Company insiders own 9.23% of the company's stock.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently added to or reduced their stakes in PLTR. Mechanics Financial Corp bought a new stake in Palantir Technologies in the first quarter worth approximately $25,000. Roxbury Financial LLC bought a new stake in Palantir Technologies in the fourth quarter worth approximately $27,000. Wealth Preservation Advisors LLC bought a new stake in Palantir Technologies in the first quarter worth approximately $27,000. 1248 Management LLC bought a new stake in Palantir Technologies in the first quarter worth approximately $27,000. Finally, HighMark Wealth Management LLC grew its position in Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock worth $30,000 after acquiring an additional 166 shares in the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Palantir Technologies Company Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.