Palantir Technologies (NASDAQ:PLTR) Trading Up 2.8% - Here's What Happened

Key Points

• Palantir Technologies' share price rose by 2.8% to $158.66, although trading volume was down 75% from its average.
• Several brokerages have revised their price targets for Palantir, with Goldman Sachs increasing its target to $90.00 and Piper Sandler setting a target of $170.00.
• Palantir reported $883.86 million in revenue last quarter, exceeding analyst expectations and reflecting a 39.4% year-over-year increase.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) shares were up 2.8% during trading on Monday . The company traded as high as $160.92 and last traded at $158.66. Approximately 23,038,941 shares were traded during trading, a decline of 75% from the average daily volume of 92,050,383 shares. The stock had previously closed at $154.27.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PLTR. Cantor Fitzgerald boosted their price target on Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research note on Tuesday. The Goldman Sachs Group raised their price objective on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. DA Davidson upped their price objective on Palantir Technologies from $115.00 to $170.00 and gave the company a "neutral" rating in a research note on Tuesday. Mizuho upgraded Palantir Technologies from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $116.00 to $135.00 in a research note on Wednesday, July 16th. Finally, Royal Bank Of Canada upped their target price on Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $119.10.

Palantir Technologies Trading Up 6.4%

The stock's 50-day moving average price is $141.12 and its two-hundred day moving average price is $113.19. The stock has a market capitalization of $403.49 billion, a P/E ratio of 745.00, a P/E/G ratio of 13.15 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $939.29 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business's quarterly revenue was up 48.0% on a year-over-year basis. During the same quarter last year, the company posted $0.09 EPS. On average, equities research analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Activity

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction dated Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total value of $111,688.00. Following the completion of the transaction, the director directly owned 62,887 shares of the company's stock, valued at approximately $8,779,654.07. The trade was a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric H. Woersching sold 10,214 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the sale, the director owned 2,348 shares of the company's stock, valued at $307,470.60. This trade represents a 81.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,485,632 shares of company stock worth $191,222,623. 12.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. raised its stake in shares of Palantir Technologies by 15.0% in the first quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock valued at $4,191,000 after acquiring an additional 6,479 shares during the period. Garrison Bradford & Associates Inc. purchased a new stake in shares of Palantir Technologies in the first quarter valued at $45,000. Menard Financial Group LLC raised its stake in shares of Palantir Technologies by 8.2% in the first quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock valued at $2,189,000 after acquiring an additional 1,964 shares during the period. Pitcairn Co. purchased a new stake in shares of Palantir Technologies in the fourth quarter valued at $281,000. Finally, TCW Group Inc. increased its stake in Palantir Technologies by 14.5% in the 1st quarter. TCW Group Inc. now owns 32,031 shares of the company's stock worth $2,703,000 after buying an additional 4,068 shares during the period. Institutional investors 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.