Palantir Technologies (NASDAQ:PLTR) Trading 2% Higher – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price rose 2% during mid-day trading on Monday . The company traded as high as $81.80 and last traded at $75.52. Approximately 70,879,234 shares were traded during mid-day trading, an increase of 2% from the average daily volume of 69,269,053 shares. The stock had previously closed at $74.01.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PLTR. William Blair set a $84.00 target price on shares of Palantir Technologies in a report on Wednesday, March 5th. Daiwa Capital Markets started coverage on shares of Palantir Technologies in a research note on Tuesday, April 1st. They issued a “neutral” rating and a $90.00 price objective for the company. UBS Group upped their target price on shares of Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. DA Davidson lifted their price target on Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, Mizuho upped their price objective on Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $75.19.

Palantir Technologies Stock Up 5.2 %

The firm has a market cap of $182.56 billion, a price-to-earnings ratio of 409.71, a PEG ratio of 10.84 and a beta of 2.74. The company’s 50-day moving average price is $92.72 and its 200-day moving average price is $71.47.

Insiders Place Their Bets

In other news, insider Stephen Andrew Cohen sold 310,000 shares of Palantir Technologies stock in a transaction dated 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 completion of the transaction, the insider now owns 592 shares in the company, valued at approximately $51,545.44. This trade represents a 99.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ryan D. Taylor sold 98,177 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $82.80, for a total transaction of $8,129,055.60. Following the transaction, the insider now owns 403,171 shares of the company’s stock, valued at $33,382,558.80. This trade represents a 19.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,993,175 shares of company stock worth $253,549,610 in the last ninety days. 12.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PLTR. Prestige Wealth Management Group LLC lifted its stake in Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after buying an additional 650 shares during the last quarter. Roxbury Financial LLC acquired a new position in Palantir Technologies in the 4th quarter valued at about $27,000. First PREMIER Bank purchased a new stake in Palantir Technologies during the 4th quarter valued at approximately $28,000. Wolff Wiese Magana LLC lifted its position in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after acquiring an additional 265 shares during the period. Finally, HighMark Wealth Management LLC grew its stake in shares of Palantir Technologies by 73.5% in the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after purchasing an additional 166 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

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.