Palantir Technologies (NYSE:PLTR) Hits New 52-Week High on Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR - Get Free Report)'s stock price reached a new 52-week high on Monday after Wedbush raised their price target on the stock from $57.00 to $75.00. Wedbush currently has an outperform rating on the stock. Palantir Technologies traded as high as $66.95 and last traded at $66.95, with a volume of 3014610 shares trading hands. The stock had previously closed at $64.35.

A number of other research analysts have also issued reports on the company. Northland Capmk upgraded Palantir Technologies to a "hold" rating in a research report on Thursday, August 22nd. Royal Bank of Canada reaffirmed an "underperform" rating and set a $9.00 price objective on shares of Palantir Technologies in a report on Tuesday, August 6th. Bank of America boosted their target price on shares of Palantir Technologies from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday. Argus lowered shares of Palantir Technologies from a "buy" rating to a "hold" rating in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Palantir Technologies from $20.00 to $21.00 and gave the stock a "sell" rating in a report on Tuesday, August 6th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $35.64.

Insider Activity

In other news, Director Peter Thiel sold 4,254,666 shares of the firm's stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $36.77, for a total transaction of $156,444,068.82. Following the completion of the sale, the director now owns 51,234,275 shares in the company, valued at $1,883,884,291.75. This trade represents a 7.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan D. Taylor sold 155,539 shares of the company's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $35.02, for a total value of $5,446,975.78. Following the completion of the transaction, the insider now owns 331,369 shares in the company, valued at $11,604,542.38. This represents a 31.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,167,451 shares of company stock worth $1,603,067,889 over the last ninety days. Corporate insiders own 12.93% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLTR. Walter & Keenan Wealth Management LLC IN ADV raised its holdings in Palantir Technologies by 1.2% in the 3rd quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 19,587 shares of the company's stock valued at $729,000 after buying an additional 235 shares during the period. Greater Midwest Financial Group LLC raised its stake in shares of Palantir Technologies by 0.3% in the 3rd quarter. Greater Midwest Financial Group LLC now owns 87,392 shares of the company's stock valued at $3,251,000 after acquiring an additional 250 shares during the period. Quantum Private Wealth LLC lifted its holdings in shares of Palantir Technologies by 1.1% in the 3rd quarter. Quantum Private Wealth LLC now owns 23,257 shares of the company's stock worth $865,000 after acquiring an additional 250 shares during the last quarter. Truvestments Capital LLC boosted its position in shares of Palantir Technologies by 2.4% during the 3rd quarter. Truvestments Capital LLC now owns 12,169 shares of the company's stock worth $453,000 after purchasing an additional 291 shares during the period. Finally, LCM Capital Management Inc increased its holdings in Palantir Technologies by 0.9% in the 3rd quarter. LCM Capital Management Inc now owns 32,455 shares of the company's stock valued at $1,207,000 after purchasing an additional 300 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Palantir Technologies Stock Up 0.4 %

The business has a 50-day simple moving average of $45.94 and a 200-day simple moving average of $33.48. The company has a market cap of $147.23 billion, a PE ratio of 327.52 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business had revenue of $725.52 million during the quarter, compared to analysts' expectations of $705.11 million. During the same period in the previous year, the firm posted $0.03 earnings per share. The company's revenue was up 30.0% on a year-over-year basis. As a group, equities research analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.