Palantir Technologies (NYSE:PLTR) Trading Up 5.6% – Here’s What Happened

Palantir Technologies Inc. (NYSE:PLTR)’s stock price was up 5.6% on Friday . The company traded as high as $75.93 and last traded at $75.91. Approximately 40,709,997 shares changed hands during trading, a decline of 31% from the average daily volume of 58,888,586 shares. The stock had previously closed at $71.87.

Analyst Ratings Changes

A number of analysts have recently weighed in on PLTR shares. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. Bank of America upped their price objective on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Northland Securities upped their price objective on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. Mizuho upped their price objective on Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 5th. Finally, William Blair restated an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $35.64.

Palantir Technologies Price Performance

The stock has a market capitalization of $173.90 billion, a P/E ratio of 381.72, a P/E/G ratio of 9.41 and a beta of 2.87. The firm has a 50-day simple moving average of $52.25 and a 200 day simple moving average of $36.58.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. The firm 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 business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period last year, the company earned $0.03 earnings per share. Sell-side analysts anticipate that Palantir Technologies Inc. will post 0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 6,050 shares of the stock in a transaction dated Monday, September 9th. The stock was sold at an average price of $33.19, for a total value of $200,799.50. Following the completion of the sale, the director now owns 158,280 shares of the company’s stock, valued at approximately $5,253,313.20. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total value of $367,920,000.00. Following the completion of the sale, the insider now directly owns 752,786 shares of the company’s stock, valued at approximately $52,755,242.88. The trade was a 87.46 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,423,181 shares of company stock worth $1,972,588,658. 12.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently made changes to their positions in PLTR. State Street Corp increased its stake in shares of Palantir Technologies by 96.4% in the third 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 during the period. Geode Capital Management LLC increased its stake 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 valued at $1,777,568,000 after buying an additional 16,598,253 shares during the period. International Assets Investment Management LLC grew its stake in Palantir Technologies by 3,476.2% during the third quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock worth $254,162,000 after purchasing an additional 6,641,253 shares during the period. Charles Schwab Investment Management Inc. grew its stake in 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 worth $460,798,000 after purchasing an additional 4,667,955 shares during the period. Finally, Marshall Wace LLP grew its stake in Palantir Technologies by 594.3% during the second quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock worth $89,926,000 after purchasing an additional 3,038,861 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.