Palantir Technologies (NASDAQ:PLTR) Shares Up 8% - Here's What Happened

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) rose 8% on Tuesday . The stock traded as high as $86.11 and last traded at $84.04. Approximately 53,012,764 shares traded hands during trading, a decline of 47% from the average daily volume of 99,505,781 shares. The stock had previously closed at $77.84.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Morgan Stanley raised shares of Palantir Technologies from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $60.00 to $95.00 in a research report on Tuesday, February 4th. Citigroup lifted their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Northland Securities upped their price objective on Palantir Technologies from $38.00 to $80.00 and gave the stock a "market perform" rating in a report on Tuesday, February 4th. Royal Bank of Canada lifted their target price on Palantir Technologies from $11.00 to $40.00 and gave the company an "underperform" rating in a report on Tuesday, February 4th. Finally, Jefferies Financial Group upped their price target on Palantir Technologies from $28.00 to $60.00 and gave the stock an "underperform" rating in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $75.19.

Palantir Technologies Stock Performance

The business's fifty day simple moving average is $92.81 and its 200 day simple moving average is $73.02. The stock has a market cap of $207.68 billion, a price-to-earnings ratio of 466.08, a price-to-earnings-growth ratio of 10.84 and a beta of 2.74.

Insider Buying and Selling

In other Palantir Technologies news, insider Heather A. Planishek sold 13,891 shares of the company's stock in a transaction that occurred 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 sale, the insider now owns 512,006 shares in the company, valued at $59,372,215.76. This represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $81.25, for a total value of $65,000.00. Following the completion of the transaction, the director now owns 61,339 shares of the company's stock, valued at approximately $4,983,793.75. The trade was a 1.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,989,975 shares of company stock worth $253,328,090. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Large investors have recently added to or reduced their stakes in the company. Roxbury Financial LLC acquired a new position in Palantir Technologies during the 4th quarter valued at approximately $27,000. First PREMIER Bank bought a new stake in Palantir Technologies in the fourth quarter valued at $28,000. Wolff Wiese Magana LLC boosted its holdings in shares of Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock valued at $29,000 after acquiring an additional 265 shares during the period. HighMark Wealth Management LLC grew its position in shares of Palantir Technologies by 73.5% during the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock worth $30,000 after acquiring an additional 166 shares during the last quarter. Finally, Sierra Ocean LLC acquired a new stake in shares of Palantir Technologies in the 4th quarter worth about $31,000. 45.65% of the stock is currently owned by institutional investors.

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.