Palantir Technologies (NASDAQ:PLTR) Stock Price Up 2.6% Following Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price rose 2.6% during trading on Friday after Mizuho raised their price target on the stock from $37.00 to $44.00. Mizuho currently has an underperform rating on the stock. Palantir Technologies traded as high as $76.50 and last traded at $76.14. Approximately 33,510,847 shares traded hands during trading, a decline of 45% from the average daily volume of 60,538,582 shares. The stock had previously closed at $74.21.

Several other research firms have also weighed in on PLTR. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. William Blair reaffirmed an “underperform” rating on shares of Palantir Technologies in a research note on Wednesday, December 4th. Northland Securities lifted their price target on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Bank of America lifted their price target on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Finally, Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Palantir Technologies has an average rating of “Hold” and an average price target of $41.00.

Insider Activity

In related news, Director Peter Thiel sold 4,254,666 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $36.77, for a total transaction of $156,444,068.82. Following the transaction, the director now directly owns 51,234,275 shares of the company’s stock, valued at approximately $1,883,884,291.75. This trade represents a 7.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 6,655 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $38.17, for a total transaction of $254,021.35. Following the transaction, the director now directly owns 145,625 shares in the company, valued at approximately $5,558,506.25. This represents a 4.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,612,366 shares of company stock valued at $1,867,342,292 over the last ninety days. 12.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after acquiring an additional 40,498,024 shares during the period. Geode Capital Management LLC grew 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 in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Palantir Technologies by 5.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock worth $557,365,000 after buying an additional 808,444 shares in the last quarter. ARK Investment Management LLC grew its stake in Palantir Technologies by 2.2% during the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock worth $329,875,000 after buying an additional 277,623 shares in the last quarter. Finally, FMR LLC grew its stake in Palantir Technologies by 8.8% during the third quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after buying an additional 1,004,603 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

Palantir Technologies Stock Up 8.5 %

The stock has a market capitalization of $183.49 billion, a price-to-earnings ratio of 402.77, a P/E/G ratio of 10.18 and a beta of 2.87. The business’s 50 day simple moving average is $59.06 and its 200-day simple moving average is $40.26.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The firm had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. During the same period in the prior year, the company posted $0.03 earnings per share. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, analysts expect that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

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.