Palantir Technologies (NASDAQ:PLTR) Shares Up 3.9% - Here's Why

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price rose 3.9% during trading on Tuesday . The stock traded as high as $94.87 and last traded at $94.33. Approximately 29,976,724 shares changed hands during trading, a decline of 59% from the average daily volume of 72,752,334 shares. The stock had previously closed at $90.80.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PLTR. Northland Securities boosted their target price on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a "market perform" rating in a report on Tuesday, February 4th. Morgan Stanley reduced their price objective on shares of Palantir Technologies from $95.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. DA Davidson lowered their target price on Palantir Technologies from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Cantor Fitzgerald lifted their target price on Palantir Technologies from $72.00 to $98.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Finally, Daiwa Capital Markets began coverage on Palantir Technologies in a research note on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 price target for the company. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $74.71.

Palantir Technologies Stock Up 4.6 %

The stock has a market cap of $264.51 billion, a price-to-earnings ratio of 593.61, a PEG ratio of 10.84 and a beta of 2.74. The stock has a 50 day simple moving average of $89.34 and a 200 day simple moving average of $76.88.

Insider Buying and Selling at Palantir Technologies

In other news, Director Alexandra W. Schiff sold 6,776 shares of Palantir Technologies stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $86.63, for a total transaction of $587,004.88. Following the completion of the transaction, the director now directly owns 184,617 shares in the company, valued at $15,993,370.71. This trade represents a 3.54 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Heather A. Planishek sold 13,891 shares of the firm's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $115.96, for a total transaction of $1,610,800.36. Following the completion of the transaction, the insider now directly owns 512,006 shares in the company, valued at approximately $59,372,215.76. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,989,975 shares of company stock worth $253,328,090. 12.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of PLTR. World Investment Advisors LLC bought a new position in shares of Palantir Technologies during the third quarter valued at about $347,000. Wilmington Savings Fund Society FSB lifted its position in shares of Palantir Technologies by 48.7% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 17,538 shares of the company's stock worth $652,000 after buying an additional 5,747 shares in the last quarter. Synovus Financial Corp boosted its stake in shares of Palantir Technologies by 85.9% in the 3rd quarter. Synovus Financial Corp now owns 17,898 shares of the company's stock worth $666,000 after buying an additional 8,270 shares during the last quarter. Tri Ri Asset Management Corp bought a new position in shares of Palantir Technologies in the third quarter valued at approximately $23,403,000. Finally, Franklin Resources Inc. increased its position in shares of Palantir Technologies by 102.3% during the third quarter. Franklin Resources Inc. now owns 171,653 shares of the company's stock valued at $6,385,000 after acquiring an additional 86,793 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.