Palantir Technologies (NASDAQ:PLTR) Trading 2.3% Higher – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR) was up 2.3% on Friday . The stock traded as high as $84.10 and last traded at $82.30. Approximately 36,077,916 shares changed hands during trading, a decline of 43% from the average daily volume of 63,781,454 shares. The stock had previously closed at $80.46.

Wall Street Analyst Weigh In

PLTR has been the subject of several research reports. Citigroup raised their target price on Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. DA Davidson boosted their price objective on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Loop Capital began coverage on Palantir Technologies in a report on Thursday, February 20th. They issued a “buy” rating and a $141.00 target price on the stock. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Finally, Bank of America raised their price objective on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $74.79.

Palantir Technologies Stock Performance

The company has a market cap of $198.02 billion, a PE ratio of 444.39, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. The company’s 50 day moving average price is $87.31 and its 200-day moving average price is $62.91.

Insider Activity

In other Palantir Technologies news, insider Shyam Sankar sold 30,000 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $92.43, for a total transaction of $2,772,900.00. Following the sale, the insider now owns 702,786 shares in the company, valued at $64,958,509.98. This represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stephen Andrew Cohen sold 450,000 shares of Palantir Technologies stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total value of $31,927,500.00. Following the completion of the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $42,002.40. This trade represents a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,429,062 shares of company stock valued at $106,673,884 in the last 90 days. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PLTR. Mather Group LLC. increased its holdings in Palantir Technologies by 101.4% during the 4th quarter. Mather Group LLC. now owns 890 shares of the company’s stock worth $67,000 after acquiring an additional 448 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Palantir Technologies by 60.5% during the third 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. Diversify Wealth Management LLC bought a new position in shares of Palantir Technologies in the fourth quarter worth approximately $876,000. Destiny Wealth Partners LLC purchased a new stake in Palantir Technologies in the fourth quarter valued at approximately $3,233,000. Finally, Oppenheimer & Co. Inc. grew its stake in Palantir Technologies by 19.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after buying an additional 87,062 shares in the last quarter. 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.