Palantir Technologies (NASDAQ:PLTR) Trading 2.2% Higher - Here's Why

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) traded up 2.2% on Wednesday . The company traded as high as $81.83 and last traded at $79.03. 51,261,765 shares were traded during trading, a decline of 27% from the average session volume of 70,004,698 shares. The stock had previously closed at $77.32.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PLTR. Northland Securities increased their target price on Palantir Technologies from $38.00 to $80.00 and gave the stock a "market perform" rating in a report on Tuesday, February 4th. Jefferies Financial Group lifted their price objective on Palantir Technologies from $28.00 to $60.00 and gave the company an "underperform" rating in a report on Tuesday, February 4th. UBS Group upped their target price on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Royal Bank of Canada boosted their price target on shares of Palantir Technologies from $11.00 to $40.00 and gave the company an "underperform" rating in a research report on Tuesday, February 4th. Finally, Bank of America raised their price objective 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. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $75.19.

Palantir Technologies Trading Down 0.0 %

The company has a market capitalization of $207.68 billion, a P/E ratio of 466.08, a PEG ratio of 10.84 and a beta of 2.74. The business has a 50 day moving average price of $92.81 and a 200 day moving average price of $73.02.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm's stock in a transaction dated 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 $4,983,793.75. This trade represents a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Alexandra W. Schiff sold 6,776 shares of the business's stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $86.63, for a total value of $587,004.88. Following the completion of the transaction, the director now owns 184,617 shares of the company's stock, 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. Over the last three months, insiders have sold 2,989,975 shares of company stock worth $253,328,090. Company insiders own 12.93% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Palantir Technologies during the 4th quarter worth about $1,360,191,000. Geode Capital Management LLC boosted its position in shares of Palantir Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock worth $3,929,401,000 after buying an additional 4,127,306 shares during the period. Wellington Management Group LLP grew its holdings in shares of Palantir Technologies by 504.0% during the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company's stock worth $354,117,000 after buying an additional 3,907,022 shares in the last quarter. Invesco Ltd. raised its position in Palantir Technologies by 31.2% in the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after buying an additional 3,509,311 shares during the last quarter. Finally, Capital World Investors bought a new stake in Palantir Technologies in the 4th quarter valued at approximately $253,816,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.