Wedbush Forecasts Reduced Earnings for Palantir Technologies

Palantir Technologies Inc. (NASDAQ:PLTR) – Wedbush decreased their FY2024 earnings per share (EPS) estimates for shares of Palantir Technologies in a research note issued to investors on Wednesday, January 22nd. Wedbush analyst D. Ives now forecasts that the company will earn $0.17 per share for the year, down from their prior forecast of $0.21. Wedbush currently has a “Outperform” rating and a $90.00 price target on the stock. The consensus estimate for Palantir Technologies’ current full-year earnings is $0.20 per share. Wedbush also issued estimates for Palantir Technologies’ Q4 2024 earnings at $0.02 EPS, Q2 2025 earnings at $0.07 EPS and Q3 2025 earnings at $0.08 EPS.

Other equities research analysts have also recently issued reports about the stock. Northland Securities upped their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. UBS Group initiated coverage on Palantir Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $80.00 price target on the stock. Cantor Fitzgerald assumed coverage on Palantir Technologies in a research report on Friday, January 17th. They set a “neutral” rating and a $72.00 price objective for the company. The Goldman Sachs Group boosted their target price on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Finally, Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Seven research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $44.61.

Palantir Technologies Price Performance

PLTR stock opened at $75.43 on Monday. Palantir Technologies has a 12 month low of $16.03 and a 12 month high of $84.80. The company has a market cap of $171.82 billion, a price-to-earnings ratio of 377.15, a price-to-earnings-growth ratio of 7.08 and a beta of 2.82. The company has a fifty day moving average price of $71.96 and a 200 day moving average price of $49.18.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings data 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. The business had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company’s revenue was up 30.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.03 earnings per share.

Institutional Trading of Palantir Technologies

Several large investors have recently modified their holdings of the business. State Street Corp lifted its stake in Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after buying an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Palantir Technologies by 52.9% in the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after acquiring an additional 16,598,253 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Palantir Technologies by 3,476.2% in the third quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock valued at $254,162,000 after acquiring an additional 6,641,253 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Palantir Technologies by 943.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock worth $122,788,000 after purchasing an additional 2,984,348 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Palantir Technologies

In related news, Director Alexandra W. Schiff sold 4,000 shares of the stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total value of $286,520.00. Following the sale, the director now directly owns 195,393 shares of the company’s stock, valued at approximately $13,996,000.59. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Heather A. Planishek sold 20,000 shares of Palantir Technologies stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $49.96, for a total transaction of $999,200.00. Following the transaction, the insider now owns 562,006 shares of the company’s stock, valued at approximately $28,077,819.76. The trade was a 3.44 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,181,807 shares of company stock valued at $1,288,448,522. Corporate insiders own 12.93% of the company’s stock.

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.