Palantir Technologies (NASDAQ:PLTR) Stock Price Up 2.1% - What's Next?

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price was up 2.1% during mid-day trading on Wednesday . The company traded as high as $116.35 and last traded at $114.95. Approximately 33,085,246 shares were traded during mid-day trading, a decline of 60% from the average daily volume of 82,783,508 shares. The stock had previously closed at $112.62.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Cantor Fitzgerald upped their target price on Palantir Technologies from $72.00 to $98.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 4th. Northland Securities upped their target price on Palantir Technologies from $38.00 to $80.00 and gave the stock a "market perform" rating in a research note on Tuesday, February 4th. Wedbush upped their target price on Palantir Technologies from $75.00 to $90.00 and gave the stock an "outperform" rating in a research note on Thursday, January 23rd. Robert W. Baird upped their target price on Palantir Technologies from $70.00 to $100.00 and gave the stock a "neutral" rating in a research note on Tuesday, February 4th. Finally, Mizuho upped their target price on Palantir Technologies from $44.00 to $80.00 and gave the stock an "underperform" rating in a research note on Tuesday, February 4th. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $69.44.

Palantir Technologies Stock Performance

The firm has a market capitalization of $271.45 billion, a price-to-earnings ratio of 627.19, a P/E/G ratio of 11.44 and a beta of 2.81. The business has a 50 day simple moving average of $81.90 and a 200-day simple moving average of $56.35.

Insiders Place Their Bets

In related news, insider Alexander C. Karp sold 1,007,496 shares of the firm's stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $63.96, for a total transaction of $64,439,444.16. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company's stock, valued at approximately $411,407,221.68. This trade represents a 13.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen Andrew Cohen sold 450,000 shares of the firm's stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total value of $31,927,500.00. Following the sale, the insider now directly owns 592 shares of the company's stock, valued at $42,002.40. The trade was a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,346,976 shares of company stock valued at $642,660,729 in the last three months. 12.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Heritage Wealth Management Inc. CA grew its holdings in Palantir Technologies by 0.4% during the fourth quarter. Heritage Wealth Management Inc. CA now owns 29,024 shares of the company's stock worth $2,195,000 after acquiring an additional 111 shares during the period. Westover Capital Advisors LLC grew its holdings in Palantir Technologies by 1.8% during the fourth quarter. Westover Capital Advisors LLC now owns 7,330 shares of the company's stock worth $554,000 after acquiring an additional 130 shares during the period. Tritonpoint Wealth LLC grew its holdings in Palantir Technologies by 1.9% during the fourth quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company's stock worth $537,000 after acquiring an additional 132 shares during the period. Twin Peaks Wealth Advisors LLC grew its holdings in Palantir Technologies by 2.2% during the fourth quarter. Twin Peaks Wealth Advisors LLC now owns 6,523 shares of the company's stock worth $493,000 after acquiring an additional 139 shares during the period. Finally, Truvestments Capital LLC grew its holdings in Palantir Technologies by 1.2% during the fourth quarter. Truvestments Capital LLC now owns 12,311 shares of the company's stock worth $931,000 after acquiring an additional 142 shares during the period. Hedge funds and other 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.