Palantir Technologies (NASDAQ:PLTR) Stock Price Up 4.2% – Should You Buy?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) were up 4.2% during mid-day trading on Thursday . The company traded as high as $76.59 and last traded at $74.49. Approximately 38,409,057 shares were traded during trading, a decline of 36% from the average daily volume of 60,393,316 shares. The stock had previously closed at $71.51.

Analyst Ratings Changes

A number of analysts have weighed in on PLTR shares. Bank of America raised their target price on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Baird R W raised Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Jefferies Financial Group lowered Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research note on Thursday, November 7th. UBS Group began coverage on Palantir Technologies in a research note on Thursday. They issued a “neutral” rating and a $80.00 price objective for the company. Finally, Raymond James downgraded shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. Six investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies has an average rating of “Hold” and a consensus price target of $41.00.

Palantir Technologies Stock Performance

The company has a 50 day moving average price of $59.06 and a 200 day moving average price of $40.26. The company has a market capitalization of $183.49 billion, a price-to-earnings ratio of 402.77, a P/E/G ratio of 10.18 and a beta of 2.87.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same quarter last year, the firm posted $0.03 EPS. Palantir Technologies’s revenue was up 30.0% compared to the same quarter last year. Research analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, Director Peter Thiel sold 3,989,204 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $36.94, for a total value of $147,361,195.76. Following the completion of the sale, the director now directly owns 42,683,569 shares of the company’s stock, valued at approximately $1,576,731,038.86. This represents a 8.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 6,655 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $38.17, for a total value of $254,021.35. Following the completion of the transaction, the director now directly owns 145,625 shares of the company’s stock, valued at approximately $5,558,506.25. This represents a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,612,366 shares of company stock valued at $1,867,342,292. 12.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its holdings in shares of Palantir Technologies by 226.2% in the 3rd quarter. Principal Financial Group Inc. now owns 2,839,680 shares of the company’s stock worth $105,636,000 after buying an additional 1,969,213 shares during the last quarter. Lord Abbett & CO. LLC raised its position in Palantir Technologies by 943.2% in the third quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock worth $122,788,000 after acquiring an additional 2,984,348 shares during the period. B. Riley Wealth Advisors Inc. boosted its stake in Palantir Technologies by 26.4% in the third quarter. B. Riley Wealth Advisors Inc. now owns 214,157 shares of the company’s stock valued at $8,116,000 after acquiring an additional 44,768 shares during the last quarter. Retirement Systems of Alabama purchased a new stake in shares of Palantir Technologies during the 3rd quarter worth approximately $16,372,000. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of Palantir Technologies in the 3rd quarter worth approximately $631,000. Hedge funds and other 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.