Palantir Technologies (NASDAQ:PLTR) Shares Up 0.7% - Time to Buy?

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) shares were up 0.7% during mid-day trading on Thursday . The stock traded as high as $120.19 and last traded at $119.32. Approximately 35,570,470 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 74,720,624 shares. The stock had previously closed at $118.44.

Analysts Set New Price Targets

A number of research firms recently issued reports on PLTR. Wedbush reissued an "outperform" rating and set a $120.00 target price on shares of Palantir Technologies in a research note on Monday, March 3rd. DA Davidson dropped their price objective on shares of Palantir Technologies from $105.00 to $100.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $40.00 target price on shares of Palantir Technologies in a research note on Tuesday, April 29th. Daiwa Capital Markets initiated coverage on Palantir Technologies in a report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 target price for the company. Finally, Morgan Stanley cut their price target on Palantir Technologies from $95.00 to $90.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $74.71.

Palantir Technologies Trading Up 7.0 %

The firm has a market capitalization of $291.48 billion, a price-to-earnings ratio of 654.14, a P/E/G ratio of 10.84 and a beta of 2.68. The company's 50 day moving average is $91.17 and its 200-day moving average is $79.72.

Insider Activity

In other news, insider Shyam Sankar sold 30,000 shares of the business's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $92.43, for a total transaction of $2,772,900.00. Following the completion of the sale, the insider now owns 702,786 shares in the company, valued at $64,958,509.98. The trade was a 4.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the company's stock in a transaction that occurred on 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 directly owns 592 shares in the company, valued at $48,988. The trade was a 99.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,989,975 shares of company stock valued at $253,328,090 over the last three months. Insiders own 12.93% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sovran Advisors LLC increased its stake in Palantir Technologies by 1.8% during the 1st quarter. Sovran Advisors LLC now owns 5,453 shares of the company's stock worth $460,000 after acquiring an additional 94 shares during the period. Lodestone Wealth Management LLC boosted its stake in shares of Palantir Technologies by 1.1% in the 1st quarter. Lodestone Wealth Management LLC now owns 8,950 shares of the company's stock valued at $755,000 after purchasing an additional 97 shares in the last quarter. Continuum Advisory LLC grew its holdings in shares of Palantir Technologies by 3.8% during the 4th quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock valued at $202,000 after purchasing an additional 98 shares during the last quarter. Kathmere Capital Management LLC increased its holdings in shares of Palantir Technologies by 0.5% during the first quarter. Kathmere Capital Management LLC now owns 18,145 shares of the company's stock worth $1,531,000 after buying an additional 99 shares in the last quarter. Finally, Key Financial Inc lifted its stake in shares of Palantir Technologies by 0.5% in the 1st quarter. Key Financial Inc now owns 21,586 shares of the company's stock valued at $1,822,000 after acquiring an additional 100 shares during the last quarter. 45.65% of the stock is 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.