Palantir Technologies (NASDAQ:PLTR) Shares Up 25.2% on Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price shot up 25.2% on Tuesday after Royal Bank of Canada raised their price target on the stock from $11.00 to $40.00. Royal Bank of Canada currently has an underperform rating on the stock. Palantir Technologies traded as high as $106.91 and last traded at $104.88. 115,890,851 shares changed hands during mid-day trading, an increase of 59% from the average session volume of 72,685,938 shares. The stock had previously closed at $83.74.

A number of other analysts have also recently commented on the company. DA Davidson boosted their price objective on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday. Wedbush boosted their price target on shares of Palantir Technologies from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Northland Securities increased their price objective on shares of Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a report on Tuesday. Robert W. Baird boosted their target price on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Baird R W raised shares of Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $64.89.

Insider Buying and Selling at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 8,860 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $58.06, for a total value of $514,411.60. Following the transaction, the director now directly owns 121,390 shares in the company, valued at approximately $7,047,903.40. This represents a 6.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total value of $247,635,000.00. Following the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $353,967,157.74. This represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,153,753 shares of company stock worth $1,287,042,675 in the last three months. 12.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors have recently bought and sold shares of the company. Northwest Investment Counselors LLC purchased a new position in Palantir Technologies in the 3rd quarter valued at approximately $25,000. Prestige Wealth Management Group LLC boosted its holdings in Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares in the last quarter. Roxbury Financial LLC purchased a new position in Palantir Technologies in the fourth quarter valued at approximately $27,000. First PREMIER Bank acquired a new stake in Palantir Technologies during the fourth quarter worth approximately $28,000. Finally, Wolff Wiese Magana LLC lifted its position in shares of Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after buying an additional 265 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Trading Up 24.0 %

The firm’s fifty day moving average price is $74.09 and its 200-day moving average price is $51.39. The firm has a market cap of $236.53 billion, a price-to-earnings ratio of 519.18, a PEG ratio of 7.54 and a beta of 2.81.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Palantir Technologies’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, sell-side analysts expect that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

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.