Palantir Technologies (NASDAQ:PLTR) Trading Up 0.7% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price rose 0.7% on Thursday . The stock traded as high as $93.65 and last traded at $92.96. Approximately 33,901,834 shares changed hands during trading, a decline of 49% from the average daily volume of 66,480,982 shares. The stock had previously closed at $92.28.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Robert W. Baird raised their price target on Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Jefferies Financial Group increased their price objective on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock 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 research report on Tuesday, February 4th. Loop Capital lowered their price target on shares of Palantir Technologies from $141.00 to $125.00 and set a “buy” rating for the company in a report on Thursday, March 13th. Finally, Wedbush reissued an “outperform” rating and set a $120.00 price objective on shares of Palantir Technologies in a report on Monday, March 3rd. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $74.45.

Palantir Technologies Stock Performance

The company has a market capitalization of $217.50 billion, a price-to-earnings ratio of 487.90, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. The firm 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, insider Ryan D. Taylor sold 483,987 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total value of $36,047,351.76. Following the completion of the sale, the insider now owns 170,273 shares in the company, valued at $12,681,933.04. This represents a 73.97 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 310,000 shares of Palantir Technologies stock in a transaction on Monday, March 17th. The stock was sold at an average price of $87.07, for a total value of $26,991,700.00. Following the sale, the insider now owns 592 shares in the company, valued at $51,545.44. The trade was a 99.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,379,785 shares of company stock worth $281,528,938. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mascagni Wealth Management Inc. bought a new stake in Palantir Technologies in the 4th quarter valued at about $2,058,000. M1 Capital Management LLC bought a new position in shares of Palantir Technologies during the fourth quarter valued at about $394,000. Objective Capital Management LLC purchased a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $216,000. Thoma Capital Management LLC purchased a new position in Palantir Technologies during the fourth quarter valued at $383,000. Finally, NorthCrest Asset Manangement LLC bought a new position in shares of Palantir Technologies in the fourth quarter worth approximately $366,000. 45.65% of the stock is owned by institutional investors.

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.