Palantir Technologies (NASDAQ:PLTR) Trading Up 5.3% - Here's What Happened

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price traded up 5.3% during mid-day trading on Monday . The stock traded as high as $97.39 and last traded at $95.79. 48,213,522 shares were traded during trading, a decline of 27% from the average session volume of 66,019,994 shares. The stock had previously closed at $90.96.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PLTR shares. UBS Group boosted their price objective on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a "neutral" rating in a research report on Tuesday, February 4th. Loop Capital cut their price objective on Palantir Technologies from $141.00 to $125.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. DA Davidson upped their target price on Palantir Technologies from $47.00 to $105.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Jefferies Financial Group raised their price target on Palantir Technologies from $28.00 to $60.00 and gave the stock an "underperform" rating in a research report on Tuesday, February 4th. Finally, Wedbush restated an "outperform" rating and issued a $120.00 price objective on shares of Palantir Technologies in a research report on Monday, March 3rd. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies has a consensus rating of "Hold" and a consensus price target of $74.45.

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Palantir Technologies Stock Performance

The firm has a market capitalization of $216.36 billion, a price-to-earnings ratio of 485.55, a P/E/G ratio of 10.84 and a beta of 2.81. The business has a fifty day moving average price of $91.28 and a 200 day moving average price of $68.54.

Insider Activity

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $76.29, for a total value of $61,032.00. Following the transaction, the director now owns 62,139 shares of the company's stock, valued at approximately $4,740,584.31. This trade represents a 1.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Ryan D. Taylor sold 483,987 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the sale, the insider now directly owns 170,273 shares of the company's stock, valued at approximately $12,681,933.04. This trade represents a 73.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,379,785 shares of company stock valued at $281,528,938 in the last three months. Corporate insiders own 12.93% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLTR. State Street Corp raised its holdings in shares of Palantir Technologies by 96.4% during the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company's stock valued at $3,069,463,000 after buying an additional 40,498,024 shares during the period. Norges Bank purchased a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $1,360,191,000. Geode Capital Management LLC raised its stake in shares of Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company's stock valued at $1,777,568,000 after purchasing an additional 16,598,253 shares during the period. Wellington Management Group LLP lifted its position 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 purchasing an additional 3,907,022 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of 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. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.