Palantir Technologies (NYSE:PLTR) Trading 0.5% Higher – Time to Buy?

Palantir Technologies Inc. (NYSE:PLTR) rose 0.5% on Thursday . The company traded as high as $67.56 and last traded at $66.05. Approximately 53,839,900 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 58,839,926 shares. The stock had previously closed at $65.74.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PLTR shares. Monness Crespi & Hardt reduced their price objective on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research note on Tuesday, August 6th. Royal Bank of Canada restated an “underperform” rating and issued a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 6th. Bank of America lifted their target price on Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday. Wedbush boosted their price target on shares of Palantir Technologies from $57.00 to $75.00 and gave the company an “outperform” rating in a report on Monday. Finally, Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Palantir Technologies presently has a consensus rating of “Hold” and an average price target of $35.64.

Palantir Technologies Trading Up 0.5 %

The business’s 50-day simple moving average is $47.68 and its 200 day simple moving average is $34.33. The company has a market capitalization of $150.46 billion, a P/E ratio of 330.25 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last announced its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The firm’s quarterly revenue was up 30.0% compared to the same quarter last year. As a group, sell-side analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Activity

In other news, insider Heather A. Planishek sold 20,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $33.74, for a total value of $674,800.00. Following the transaction, the insider now owns 576,023 shares of the company’s stock, valued at $19,435,016.02. The trade was a 3.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.35, for a total transaction of $218,100.00. Following the sale, the director now directly owns 152,280 shares of the company’s stock, valued at approximately $5,535,378. This represents a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,163,181 shares of company stock worth $1,603,288,758 over the last 90 days. 12.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. State Street Corp boosted its stake in shares of Palantir Technologies by 96.4% during the 3rd 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after purchasing an additional 16,598,253 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Palantir Technologies by 5.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after purchasing an additional 808,444 shares during the period. ARK Investment Management LLC raised its holdings in Palantir Technologies by 2.2% during the 2nd 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 during the period. Finally, FMR LLC lifted 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 valued at $464,192,000 after buying an additional 1,004,603 shares in the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

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.