Palantir Technologies (NASDAQ:PLTR) Stock Price Up 3.3% - Here's Why

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s share price was up 3.3% on Wednesday . The company traded as high as $76.45 and last traded at $75.48. Approximately 26,037,890 shares traded hands during trading, a decline of 62% from the average daily volume of 67,643,836 shares. The stock had previously closed at $73.07.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PLTR. Cantor Fitzgerald assumed coverage on Palantir Technologies in a research report on Friday, January 17th. They issued a "neutral" rating and a $72.00 price objective for the company. Morgan Stanley restated an "underweight" rating and issued a $60.00 price target on shares of Palantir Technologies in a report on Monday, January 6th. Mizuho increased their price objective on shares of Palantir Technologies from $37.00 to $44.00 and gave the stock an "underperform" rating in a report on Friday, December 13th. DA Davidson raised their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 5th. Finally, Bank of America upped their price target on shares of Palantir Technologies from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Seven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $44.61.

Palantir Technologies Stock Performance

The stock has a market capitalization of $179.92 billion, a price-to-earnings ratio of 394.92, a price-to-earnings-growth ratio of 7.08 and a beta of 2.82. The firm has a 50-day moving average of $71.70 and a 200 day moving average of $48.53.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same period in the prior year, the firm earned $0.03 earnings per share. The business's quarterly revenue was up 30.0% compared to the same quarter last year. As a group, research analysts forecast that Palantir Technologies Inc. will post 0.2 EPS for the current year.

Insider Transactions at Palantir Technologies

In related news, insider Alexander C. Karp sold 3,337,048 shares of Palantir Technologies stock in a transaction on Monday, October 28th. The shares were sold at an average price of $45.02, for a total value of $150,233,900.96. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. The trade was a 34.16 % 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, insider Stephen Andrew Cohen sold 450,000 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the transaction, the insider now owns 592 shares in the company, valued at $42,002.40. This trade represents a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,518,855 shares of company stock valued at $1,438,682,423. 12.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently bought and sold shares of PLTR. Dimensional Fund Advisors LP grew its position in shares of Palantir Technologies by 10.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,880,610 shares of the company's stock worth $72,963,000 after acquiring an additional 278,544 shares in the last quarter. XTX Topco Ltd acquired a new position in Palantir Technologies in the second quarter worth $330,000. Thrivent Financial for Lutherans boosted its holdings in Palantir Technologies by 20.9% in the second quarter. Thrivent Financial for Lutherans now owns 52,732 shares of the company's stock worth $1,336,000 after purchasing an additional 9,109 shares during the period. ProShare Advisors LLC increased its stake in Palantir Technologies by 14.9% during the second quarter. ProShare Advisors LLC now owns 13,100 shares of the company's stock valued at $332,000 after purchasing an additional 1,702 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of Palantir Technologies by 63.8% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 364,167 shares of the company's stock worth $9,224,000 after purchasing an additional 141,800 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.

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