Palantir Technologies (NYSE:PLTR) Trading Up 5.2% – Should You Buy?

Palantir Technologies Inc. (NYSE:PLTR) shares traded up 5.2% during mid-day trading on Wednesday . The stock traded as high as $63.39 and last traded at $62.96. 34,847,246 shares were traded during mid-day trading, a decline of 40% from the average session volume of 57,705,605 shares. The stock had previously closed at $59.85.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Northland Capmk upgraded shares of Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. Mizuho boosted their price objective on shares of Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, November 5th. Citigroup upped their price objective on Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Northland Securities lifted their target price on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Finally, Jefferies Financial Group downgraded Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target on the stock. in a report on Thursday, November 7th. Six equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Trading Down 2.5 %

The firm has a market capitalization of $132.55 billion, a PE ratio of 295.96 and a beta of 2.70. The firm’s fifty day moving average price is $41.90 and its 200 day moving average price is $31.45.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. The company 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%. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period last year, the business earned $0.03 earnings per share. On average, analysts predict that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insider Activity at Palantir Technologies

In related news, insider Shyam Sankar sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $32.35, for a total value of $1,617,500.00. Following the transaction, the insider now directly owns 752,786 shares of the company’s stock, valued at approximately $24,352,627.10. This trade represents a 6.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 8,860 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $58.06, for a total value of $514,411.60. Following the sale, the director now owns 121,390 shares of the company’s stock, valued at approximately $7,047,903.40. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,239,238 shares of company stock valued at $1,036,731,557. 12.93% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in shares of Palantir Technologies by 3,476.2% in the third quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock valued at $254,162,000 after buying an additional 6,641,253 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in 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 purchasing an additional 4,667,955 shares in the last quarter. 1832 Asset Management L.P. boosted its holdings in shares of Palantir Technologies by 248,208.2% during the 1st quarter. 1832 Asset Management L.P. now owns 3,625,300 shares of the company’s stock worth $83,418,000 after purchasing an additional 3,623,840 shares during the last quarter. Marshall Wace LLP grew its position in shares of Palantir Technologies by 594.3% in the second quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock valued at $89,926,000 after purchasing an additional 3,038,861 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Palantir Technologies by 1.6% in the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after purchasing an additional 3,029,317 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.