Palantir Technologies (NYSE:PLTR) Shares Up 22.3% Following Earnings Beat

Palantir Technologies Inc. (NYSE:PLTR)’s stock price rose 22.3% during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $50.98 and last traded at $50.65. Approximately 114,410,469 shares were traded during mid-day trading, an increase of 103% from the average daily volume of 56,381,727 shares. The stock had previously closed at $41.41.

The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 10.41%. Palantir Technologies’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft increased their price objective on Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a report on Tuesday, August 6th. Monness Crespi & Hardt dropped their price target on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research report on Tuesday, August 6th. DA Davidson upped their price objective on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday. Bank of America lifted their target price on shares of Palantir Technologies from $30.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Northland Capmk raised Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $29.93.

Insider Buying and Selling

In other news, insider Ryan D. Taylor sold 249,684 shares of Palantir Technologies stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $30.01, for a total transaction of $7,493,016.84. Following the sale, the insider now directly owns 372,565 shares in the company, valued at approximately $11,180,675.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ryan D. Taylor sold 249,684 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $30.01, for a total value of $7,493,016.84. Following the completion of the transaction, the insider now directly owns 372,565 shares of the company’s stock, valued at approximately $11,180,675.65. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Heather A. Planishek sold 20,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $30.24, for a total value of $604,800.00. Following the completion of the sale, the insider now directly owns 612,006 shares in the company, valued at approximately $18,507,061.44. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,204,508 shares of company stock valued at $802,654,666 over the last ninety days. 12.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently made changes to their positions in the company. State of Alaska Department of Revenue increased its holdings in Palantir Technologies by 22.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock valued at $13,786,000 after purchasing an additional 68,945 shares in the last quarter. Heritage Wealth Management Inc. CA bought a new position in shares of Palantir Technologies in the third quarter valued at about $1,076,000. Cyndeo Wealth Partners LLC acquired a new position in Palantir Technologies during the 3rd quarter worth about $6,339,000. Seven Grand Managers LLC bought a new stake in Palantir Technologies during the 3rd quarter worth about $930,000. Finally, Silvant Capital Management LLC increased its position in Palantir Technologies by 28.2% in the 3rd quarter. Silvant Capital Management LLC now owns 231,543 shares of the company’s stock valued at $8,613,000 after acquiring an additional 50,883 shares in the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Price Performance

The stock’s 50 day simple moving average is $38.60 and its two-hundred day simple moving average is $29.97. The company has a market capitalization of $124.30 billion, a P/E ratio of 277.65 and a beta of 2.70.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.