Palantir Technologies (NYSE:PLTR) Stock Price Up 3.2% – Still a Buy?

Palantir Technologies Inc. (NYSE:PLTR)’s share price was up 3.2% during mid-day trading on Thursday . The company traded as high as $38.98 and last traded at $38.69. Approximately 24,240,228 shares changed hands during trading, a decline of 57% from the average daily volume of 57,033,426 shares. The stock had previously closed at $37.49.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PLTR shares. Royal Bank of Canada reiterated an “underperform” rating and issued a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 6th. Jefferies Financial Group lifted their target price on Palantir Technologies from $24.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Bank of America raised their price objective on Palantir Technologies from $30.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group boosted their price objective on Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $27.29.

Palantir Technologies Price Performance

The firm has a market capitalization of $89.60 billion, a PE ratio of 333.44 and a beta of 2.72. The business has a 50-day simple moving average of $32.23 and a 200-day simple moving average of $26.67.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The firm had revenue of $678.13 million for the quarter, compared to the consensus estimate of $653.23 million. Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The company’s revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.01 EPS. On average, research analysts expect that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter Thiel sold 4,181,118 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $36.91, for a total value of $154,325,065.38. Following the transaction, the director now owns 38,502,451 shares of the company’s stock, valued at $1,421,125,466.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Palantir Technologies news, Director Peter Thiel sold 4,181,118 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $36.91, for a total transaction of $154,325,065.38. Following the transaction, the director now directly owns 38,502,451 shares in the company, valued at $1,421,125,466.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David A. Glazer sold 90,000 shares of Palantir Technologies stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $29.36, for a total value of $2,642,400.00. Following the sale, the insider now directly owns 298,012 shares of the company’s stock, valued at approximately $8,749,632.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,814,881 shares of company stock worth $648,616,023 over the last quarter. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently bought and sold shares of the business. Summit Securities Group LLC bought a new position in Palantir Technologies in the second quarter worth about $25,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Palantir Technologies in the 2nd quarter worth approximately $25,000. West Paces Advisors Inc. raised its stake in shares of Palantir Technologies by 110.7% during the 1st quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock worth $27,000 after acquiring an additional 620 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies during the second quarter valued at approximately $30,000. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Palantir Technologies by 105.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after acquiring an additional 691 shares in the last quarter. Institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.