Palantir Technologies (NASDAQ:PLTR) Trading Up 3.2% – Here’s What Happened

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) traded up 3.2% during trading on Wednesday . The stock traded as high as $84.42 and last traded at $80.53. 44,213,866 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 64,179,317 shares. The stock had previously closed at $78.05.

Analyst Ratings Changes

Several brokerages have recently issued reports on PLTR. Northland Securities upped their target price 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. Robert W. Baird upped their target price on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $95.00 in a research note on Tuesday, February 4th. Jefferies Financial Group upped their price target on shares of Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Finally, Citigroup upped their target price on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and a consensus price target of $75.25.

Palantir Technologies Stock Up 8.1 %

The firm has a market cap of $197.84 billion, a P/E ratio of 444.00, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. The company has a fifty day simple moving average of $87.46 and a 200-day simple moving average of $64.35.

Insider Buying and Selling at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $76.29, for a total value of $61,032.00. Following the transaction, the director now directly owns 62,139 shares of the company’s stock, valued at $4,740,584.31. This represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan D. Taylor sold 483,987 shares of Palantir Technologies stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the transaction, the insider now directly owns 170,273 shares in the company, valued at approximately $12,681,933.04. This represents a 73.97 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 985,838 shares of company stock worth $75,333,389. 12.93% of the stock is owned by insiders.

Institutional Trading of Palantir Technologies

Hedge funds have recently made changes to their positions in the company. State Street Corp lifted its holdings in shares of Palantir Technologies by 96.4% in the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares in the last quarter. Norges Bank bought a new stake in shares of Palantir Technologies during the fourth quarter worth about $1,360,191,000. Geode Capital Management LLC raised its stake in Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after buying an additional 16,598,253 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Palantir Technologies by 60.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after buying an additional 4,667,955 shares during the period. Finally, Wellington Management Group LLP increased its position in Palantir Technologies by 504.0% in the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock valued at $354,117,000 after buying an additional 3,907,022 shares in 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.