Palantir Technologies (NASDAQ:PLTR) Trading Up 3.3% - Here's What Happened

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s share price rose 3.3% on Friday . The stock traded as high as $71.34 and last traded at $71.52. Approximately 22,277,686 shares were traded during trading, a decline of 68% from the average daily volume of 69,519,922 shares. The stock had previously closed at $69.24.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PLTR. The Goldman Sachs Group lifted their price objective on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a "neutral" rating in a report on Thursday, November 7th. Robert W. Baird assumed coverage on Palantir Technologies in a research note on Thursday, December 12th. They set a "neutral" rating and a $70.00 price target for the company. UBS Group initiated coverage on Palantir Technologies in a research report on Thursday, December 19th. They set a "neutral" rating and a $80.00 price objective on the stock. DA Davidson raised their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, November 5th. Finally, Mizuho upped their target price on Palantir Technologies from $37.00 to $44.00 and gave the stock an "underperform" rating in a research note on Friday, December 13th. Seven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $43.78.

Palantir Technologies Stock Up 3.7 %

The company has a market capitalization of $163.49 billion, a PE ratio of 358.87, a price-to-earnings-growth ratio of 6.24 and a beta of 2.82. The stock's fifty day moving average price is $70.22 and its two-hundred day moving average price is $46.85.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $725.52 million during the quarter, compared to analysts' expectations of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business's revenue was up 30.0% on a year-over-year basis. During the same quarter last year, the business posted $0.03 EPS. On average, equities research analysts forecast that Palantir Technologies Inc. will post 0.2 EPS for the current year.

Insider Activity at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 8,054 shares of the stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $50.49, for a total value of $406,646.46. Following the completion of the transaction, the director now owns 130,250 shares of the company's stock, valued at approximately $6,576,322.50. This represents a 5.82 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Andrew Cohen sold 450,000 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total value of $31,927,500.00. Following the sale, the insider now owns 592 shares in the company, valued at $42,002.40. This represents a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,642,189 shares of company stock worth $1,444,232,453 over the last quarter. Corporate insiders own 12.93% of the company's stock.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Palantir Technologies by 60.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company's stock worth $460,798,000 after acquiring an additional 4,667,955 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of Palantir Technologies by 22.9% during the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company's stock valued at $13,786,000 after purchasing an additional 68,945 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Palantir Technologies by 19.2% during the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company's stock valued at $20,146,000 after purchasing an additional 87,062 shares during the last quarter. Tyler Stone Wealth Management boosted its position in shares of Palantir Technologies by 97.9% in the 3rd quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company's stock worth $7,515,000 after purchasing an additional 99,921 shares in the last quarter. Finally, Coldstream Capital Management Inc. purchased a new stake in shares of Palantir Technologies in the 3rd quarter worth approximately $639,000. 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.