Palantir Technologies (NASDAQ:PLTR) Stock Price Up 1.7% - Still a Buy?

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price shot up 1.7% on Wednesday . The stock traded as high as $87.35 and last traded at $86.14. 31,944,113 shares traded hands during trading, a decline of 53% from the average session volume of 68,161,481 shares. The stock had previously closed at $84.68.

Wall Street Analyst Weigh In

PLTR has been the subject of several recent research reports. Daiwa Capital Markets initiated coverage on Palantir Technologies in a research note on Tuesday. They issued a "neutral" rating and a $90.00 price target for the company. William Blair set a $84.00 price objective on shares of Palantir Technologies in a research note on Wednesday, March 5th. Bank of America raised their target price on shares of Palantir Technologies from $90.00 to $125.00 and gave the stock a "buy" rating in a report on Tuesday, February 4th. Royal Bank of Canada boosted their price target on Palantir Technologies from $11.00 to $40.00 and gave the company an "underperform" rating in a research note on Tuesday, February 4th. Finally, Citigroup raised their price objective on Palantir Technologies from $42.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $75.19.

Palantir Technologies Stock Down 4.4 %

The firm has a 50 day moving average price of $92.77 and a two-hundred day moving average price of $70.43. The company has a market cap of $196.07 billion, a price-to-earnings ratio of 440.02, a PEG ratio of 10.84 and a beta of 2.81.

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Insider Buying and Selling at Palantir Technologies

In other news, insider Ryan D. Taylor sold 98,177 shares of the company's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $82.80, for a total value of $8,129,055.60. Following the sale, the insider now directly owns 403,171 shares of the company's stock, valued at approximately $33,382,558.80. This represents a 19.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Heather A. Planishek sold 13,891 shares of Palantir Technologies stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $115.96, for a total transaction of $1,610,800.36. Following the transaction, the insider now directly owns 512,006 shares of the company's stock, valued at $59,372,215.76. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,993,175 shares of company stock valued at $253,549,610. 12.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Prestige Wealth Management Group LLC lifted its stake in Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company's stock valued at $27,000 after buying an additional 650 shares during the period. Roxbury Financial LLC acquired a new position in shares of Palantir Technologies during the 4th quarter valued at $27,000. First PREMIER Bank bought a new position in Palantir Technologies during the fourth quarter worth $28,000. Wolff Wiese Magana LLC boosted its stake in Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock worth $29,000 after acquiring an additional 265 shares in the last quarter. Finally, HighMark Wealth Management LLC grew its holdings in Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock worth $30,000 after purchasing an additional 166 shares during the period. Institutional investors own 45.65% 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.