Wedbush Cuts Earnings Estimates for Palantir Technologies

Palantir Technologies Inc. (NASDAQ:PLTR) – Research analysts at Wedbush dropped their FY2024 earnings per share estimates for shares of Palantir Technologies in a report issued on Wednesday, January 22nd. Wedbush analyst D. Ives now forecasts that the company will earn $0.17 per share for the year, down from their previous estimate of $0.21. Wedbush currently has a “Outperform” rating and a $90.00 target price on the stock. The consensus estimate for Palantir Technologies’ current full-year earnings is $0.20 per share. Wedbush also issued estimates for Palantir Technologies’ Q4 2024 earnings at $0.02 EPS, Q2 2025 earnings at $0.07 EPS and Q3 2025 earnings at $0.08 EPS.

PLTR has been the topic of several other reports. Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Mizuho raised their price objective on Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Cantor Fitzgerald started coverage on Palantir Technologies in a report on Friday, January 17th. They set a “neutral” rating and a $72.00 target price for the company. Northland Securities raised their price target on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. Finally, Baird R W raised shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Seven research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $44.61.

Palantir Technologies Stock Performance

NASDAQ:PLTR opened at $78.98 on Monday. Palantir Technologies has a twelve month low of $16.03 and a twelve month high of $84.80. The company has a market cap of $179.92 billion, a PE ratio of 394.92, a P/E/G ratio of 7.08 and a beta of 2.82. The company’s 50 day moving average is $71.96 and its two-hundred day moving average is $49.04.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. During the same period last year, the business posted $0.03 earnings per share. The firm’s revenue was up 30.0% compared to the same quarter last year.

Insider Transactions at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 in the company, valued at approximately $4,740,584.31. This represents a 1.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heather A. Planishek sold 20,000 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $49.96, for a total value of $999,200.00. Following the sale, the insider now directly owns 562,006 shares of the company’s stock, valued at approximately $28,077,819.76. This trade represents a 3.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,181,807 shares of company stock worth $1,288,448,522 in the last ninety days. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently modified their holdings of PLTR. Northwest Investment Counselors LLC purchased a new position in Palantir Technologies during the third quarter worth about $25,000. Prestige Wealth Management Group LLC lifted its holdings in shares of Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after acquiring an additional 650 shares during the last quarter. First PREMIER Bank purchased a new position in shares of Palantir Technologies during the 4th quarter worth approximately $28,000. Wolff Wiese Magana LLC increased its holdings in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies in the second quarter valued at approximately $30,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.