Palantir Technologies (NYSE:PLTR) Trading Up 1% - Here's Why

Palantir Technologies Inc. (NYSE:PLTR - Get Free Report) shot up 1% during mid-day trading on Wednesday . The company traded as high as $43.44 and last traded at $43.37. 10,625,551 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 56,586,867 shares. The stock had previously closed at $42.94.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PLTR. Royal Bank of Canada reaffirmed an "underperform" rating and set a $9.00 target price on shares of Palantir Technologies in a report on Tuesday, August 6th. Northland Securities began coverage on Palantir Technologies in a research note on Thursday, August 22nd. They set a "market perform" rating and a $35.00 price objective on the stock. Monness Crespi & Hardt cut their target price on Palantir Technologies from $20.00 to $18.00 and set a "sell" rating for the company in a research report on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft raised their price target on Palantir Technologies from $20.00 to $21.00 and gave the stock a "sell" rating in a research report on Tuesday, August 6th. Finally, Wedbush upped their price objective on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an "outperform" rating in a research report on Thursday, September 26th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $27.86.

Palantir Technologies Price Performance

The firm's 50 day simple moving average is $36.12 and its two-hundred day simple moving average is $28.42. The firm has a market capitalization of $95.40 billion, a P/E ratio of 249.90 and a beta of 2.72.

Palantir Technologies (NYSE:PLTR - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts' consensus estimates of $0.04 by ($0.01). Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The company had revenue of $678.13 million for the quarter, compared to analysts' expectations of $653.23 million. During the same period last year, the company posted $0.01 EPS. The business's revenue for the quarter was up 27.2% compared to the same quarter last year. As a group, equities research analysts forecast that Palantir Technologies Inc. will post 0.19 EPS for the current year.

Insider Buying and Selling at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 7,321 shares of the firm's stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $43.90, for a total value of $321,391.90. Following the completion of the sale, the director now directly owns 138,304 shares of the company's stock, valued at approximately $6,071,545.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 7,321 shares of the firm's stock in a transaction on Friday, October 11th. The stock was sold at an average price of $43.90, for a total transaction of $321,391.90. Following the completion of the transaction, the director now owns 138,304 shares of the company's stock, valued at approximately $6,071,545.60. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Heather A. Planishek sold 20,000 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $39.95, for a total transaction of $799,000.00. Following the completion of the transaction, the insider now owns 562,006 shares of the company's stock, valued at approximately $22,452,139.70. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,747,176 shares of company stock valued at $646,951,347 in the last 90 days. Insiders own 12.93% of the company's stock.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised its holdings in shares of 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 valued at $254,162,000 after purchasing an additional 6,641,253 shares during the last quarter. 1832 Asset Management L.P. lifted its holdings in shares of Palantir Technologies by 248,208.2% during the 1st quarter. 1832 Asset Management L.P. now owns 3,625,300 shares of the company's stock valued at $83,418,000 after buying an additional 3,623,840 shares during the period. Marshall Wace LLP boosted its stake in shares of Palantir Technologies by 594.3% in the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company's stock worth $89,926,000 after buying an additional 3,038,861 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Palantir Technologies by 1.6% in the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company's stock worth $4,529,164,000 after acquiring an additional 3,029,317 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its position in Palantir Technologies by 15.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company's stock valued at $335,284,000 after acquiring an additional 1,980,495 shares during the last quarter. 45.65% of the stock is owned by institutional investors.

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.