Palantir Technologies (NASDAQ:PLTR) Shares Up 2.6% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR) shares rose 2.6% during mid-day trading on Wednesday . The stock traded as high as $91.27 and last traded at $90.11. Approximately 41,543,014 shares traded hands during trading, a decline of 55% from the average daily volume of 93,214,930 shares. The stock had previously closed at $87.84.

Wall Street Analyst Weigh In

PLTR has been the subject of a number of analyst reports. Wedbush boosted their target price on shares of Palantir Technologies from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Royal Bank of Canada raised their price target on shares of Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a report on Tuesday, February 4th. DA Davidson increased their price objective on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Citigroup lifted their target price on Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, Loop Capital initiated coverage on shares of Palantir Technologies in a research note on Thursday, February 20th. They issued a “buy” rating and a $141.00 target price on the stock. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $73.21.

Palantir Technologies Trading Up 2.7 %

The company has a market capitalization of $205.44 billion, a P/E ratio of 474.25, a P/E/G ratio of 10.84 and a beta of 2.81. The stock has a 50 day moving average of $86.44 and a 200-day moving average of $60.68.

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the sale, the insider now directly owns 752,786 shares in the company, valued at $52,755,242.88. This represents a 87.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Ryan D. Taylor sold 483,987 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the completion of the sale, the insider now directly owns 170,273 shares in the company, valued at $12,681,933.04. This trade represents a 73.97 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 6,719,783 shares of company stock worth $477,414,743. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Prestige Wealth Management Group LLC boosted its holdings in Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after buying an additional 650 shares in the last quarter. Roxbury Financial LLC bought a new position in shares of Palantir Technologies in the fourth quarter worth about $27,000. First PREMIER Bank bought a new position in Palantir Technologies during the fourth quarter worth $28,000. Wolff Wiese Magana LLC increased its position in shares of Palantir Technologies by 230.4% during the fourth 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 period. Finally, HighMark Wealth Management LLC grew its stake in shares of Palantir Technologies by 73.5% in the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after purchasing an additional 166 shares during the period. 45.65% of the stock is currently owned by institutional investors.

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.