Palantir Technologies (NASDAQ:PLTR) Trading 3.4% Higher on Analyst Upgrade

Key Points

• Palantir Technologies’ stock increased by 3.4% following an upgrade from Citigroup, which raised its price target from $158.00 to $177.00 while maintaining a neutral rating.
• Other analysts have also adjusted their price targets, with Wedbush setting it at $200.00 and Bank of America at $180.00, indicating varying levels of confidence in the stock's performance.
• Palantir reported a robust quarterly performance with revenues of $1 billion, exceeding analyst expectations and achieving a 48% year-over-year growth.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) traded up 3.4% during trading on Wednesday after Citigroup raised their price target on the stock from $158.00 to $177.00. Citigroup currently has a neutral rating on the stock. Palantir Technologies traded as high as $179.57 and last traded at $179.21. 32,771,766 shares were traded during trading, a decline of 64% from the average session volume of 92,267,008 shares. The stock had previously closed at $173.27.

Several other research firms have also recently issued reports on PLTR. Wedbush set a $200.00 target price on Palantir Technologies and gave the stock an "outperform" rating in a research note on Tuesday. Royal Bank Of Canada lifted their target price on shares of Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a report on Tuesday. Bank of America boosted their price target on Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday. Loop Capital reaffirmed a "buy" rating and issued a $180.00 target price (up previously from $178.00) on shares of Palantir Technologies in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Palantir Technologies from a "sell" rating to a "hold" rating and increased their price objective for the company from $80.00 to $160.00 in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $122.80.

Insider Buying and Selling

In related news, insider David A. Glazer sold 3,418 shares of the stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total value of $430,565.46. Following the transaction, the insider directly owned 492,079 shares of the company's stock, valued at $61,987,191.63. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ryan D. Taylor sold 33,335 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $150.00, for a total transaction of $5,000,250.00. Following the transaction, the insider directly owned 363,755 shares in the company, valued at $54,563,250. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,485,632 shares of company stock worth $191,222,623. Corporate insiders own 12.93% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Mechanics Financial Corp acquired a new position in Palantir Technologies during the first quarter valued at approximately $25,000. Signature Resources Capital Management LLC bought a new stake in Palantir Technologies during the second quarter valued at $25,000. Wealth Preservation Advisors LLC bought a new stake in Palantir Technologies during the first quarter valued at $27,000. 1248 Management LLC bought a new stake in Palantir Technologies during the first quarter valued at $27,000. Finally, Briaud Financial Planning Inc bought a new position in shares of Palantir Technologies during the second quarter worth about $27,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Stock Up 3.3%

The firm's 50-day moving average price is $142.12 and its 200 day moving average price is $113.60. The firm has a market cap of $422.31 billion, a P/E ratio of 597.38, a price-to-earnings-growth ratio of 13.70 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $939.29 million. Palantir Technologies had a net margin of 22.18% and a return on equity of 11.26%. The company's quarterly revenue was up 48.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.09 earnings per share. On average, equities analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

About Palantir Technologies

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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