Palantir Technologies (NASDAQ:PLTR) Shares Up 2.1% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price shot up 2.1% during trading on Wednesday . The company traded as high as $116.35 and last traded at $114.95. 33,085,246 shares changed hands during mid-day trading, a decline of 60% from the average session volume of 82,783,508 shares. The stock had previously closed at $112.62.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PLTR shares. Baird R W raised shares of Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Bank of America boosted their price target on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Wedbush increased their price target on Palantir Technologies from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Northland Securities boosted their price objective on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 4th. Finally, Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $60.00 to $95.00 in a research report on Tuesday, February 4th. Six analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $69.44.

Palantir Technologies Stock Up 3.2 %

The stock has a market cap of $264.87 billion, a price-to-earnings ratio of 613.58, a PEG ratio of 11.44 and a beta of 2.81. The business’s 50 day simple moving average is $79.17 and its 200 day simple moving average is $54.84.

Insider Transactions at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 11,794 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $102.80, for a total transaction of $1,212,423.20. Following the sale, the director now directly owns 88,129 shares of the company’s stock, valued at approximately $9,059,661.20. This represents a 11.80 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the sale, the insider now owns 752,786 shares in the company, valued at $52,755,242.88. The trade was a 87.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,833,085 shares of company stock valued at $924,999,929. 12.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors have recently made changes to their positions in PLTR. Heritage Wealth Management Inc. CA lifted its position in shares of Palantir Technologies by 0.4% in the 4th quarter. Heritage Wealth Management Inc. CA now owns 29,024 shares of the company’s stock worth $2,195,000 after purchasing an additional 111 shares during the period. Westover Capital Advisors LLC lifted its holdings in Palantir Technologies by 1.8% in the fourth quarter. Westover Capital Advisors LLC now owns 7,330 shares of the company’s stock valued at $554,000 after buying an additional 130 shares during the period. Tritonpoint Wealth LLC grew its holdings in Palantir Technologies by 1.9% during the 4th quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock worth $537,000 after acquiring an additional 132 shares during the period. Twin Peaks Wealth Advisors LLC raised its position in shares of Palantir Technologies by 2.2% in the 4th quarter. Twin Peaks Wealth Advisors LLC now owns 6,523 shares of the company’s stock worth $493,000 after acquiring an additional 139 shares in the last quarter. Finally, Truvestments Capital LLC lifted its stake in shares of Palantir Technologies by 1.2% in the 4th quarter. Truvestments Capital LLC now owns 12,311 shares of the company’s stock valued at $931,000 after purchasing an additional 142 shares during the period. Institutional investors own 45.65% of the company’s stock.

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.