Palantir Technologies (NASDAQ:PLTR) Trading Up 9.1% - Time to Buy?

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price was up 9.1% on Wednesday . The company traded as high as $103.76 and last traded at $102.56. Approximately 54,410,999 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 73,085,271 shares. The stock had previously closed at $93.99.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several analyst reports. Bank of America increased 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. Cantor Fitzgerald lifted their target price on Palantir Technologies from $72.00 to $98.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Mizuho boosted their target price on Palantir Technologies from $44.00 to $80.00 and gave the company an "underperform" rating in a research note on Tuesday, February 4th. Loop Capital reaffirmed a "buy" rating on shares of Palantir Technologies in a research report on Friday, April 4th. Finally, Robert W. Baird boosted their price objective on Palantir Technologies from $70.00 to $100.00 and gave the company a "neutral" rating in a research report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Palantir Technologies presently has a consensus rating of "Hold" and an average price target of $74.71.

Palantir Technologies Trading Up 4.6 %

The company has a market cap of $264.51 billion, a P/E ratio of 593.61, a PEG ratio of 10.84 and a beta of 2.74. The stock's 50 day moving average is $89.34 and its 200-day moving average is $77.12.

Insiders Place Their Bets

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $81.25, for a total transaction of $65,000.00. Following the sale, the director now owns 61,339 shares of the company's stock, valued at approximately $4,983,793.75. This trade represents a 1.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alexandra W. Schiff sold 6,776 shares of the company's stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $86.63, for a total value of $587,004.88. Following the transaction, the director now directly owns 184,617 shares in the company, valued at $15,993,370.71. This represents a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,989,975 shares of company stock worth $253,328,090. Corporate insiders own 12.93% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC grew its stake in shares of Palantir Technologies by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after buying an additional 4,127,306 shares during the period. Northern Trust Corp boosted its position in shares of Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock worth $1,473,913,000 after acquiring an additional 3,299,779 shares in the last quarter. Norges Bank acquired a new stake in Palantir Technologies during the fourth quarter worth approximately $1,360,191,000. FMR LLC boosted its position in shares of Palantir Technologies by 22.6% in the 4th quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after purchasing an additional 2,818,090 shares during the period. Finally, Invesco Ltd. increased its stake in Palantir Technologies by 31.2% in the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after purchasing an additional 3,509,311 shares during the period. Institutional investors and hedge funds own 45.65% of the company's stock.

Palantir Technologies Company Profile

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.