Palantir Technologies (NYSE:PLTR) Stock Price Up 1.3% – Time to Buy?

Palantir Technologies Inc. (NYSE:PLTR) was up 1.3% during trading on Friday . The company traded as high as $63.04 and last traded at $62.13. Approximately 15,688,534 shares were traded during trading, a decline of 73% from the average daily volume of 58,617,684 shares. The stock had previously closed at $61.36.

Wall Street Analysts Forecast Growth

PLTR has been the subject of several recent research reports. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Jefferies Financial Group downgraded shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective for the company. in a report on Thursday, November 7th. Mizuho boosted their target price on shares of Palantir Technologies from $30.00 to $37.00 and gave the company an “underperform” rating in a report on Tuesday, November 5th. Finally, Wedbush raised their price target on Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Stock Up 4.9 %

The firm has a market capitalization of $146.59 billion, a PE ratio of 321.77 and a beta of 2.70. The company has a 50-day moving average of $45.94 and a 200 day moving average of $33.39.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $705.11 million. During the same period in the prior year, the business earned $0.03 earnings per share. Palantir Technologies’s revenue for the quarter was up 30.0% compared to the same quarter last year. As a group, equities analysts anticipate that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Ryan D. Taylor sold 155,539 shares of Palantir Technologies stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $35.02, for a total transaction of $5,446,975.78. Following the transaction, the insider now directly owns 331,369 shares of the company’s stock, valued at approximately $11,604,542.38. This trade represents a 31.94 % decrease in their ownership of the stock. The transaction 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 company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $232,011,546.06. This trade represents a 41.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,167,451 shares of company stock valued at $1,603,067,889. Insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Several hedge funds have recently added to or reduced their stakes in PLTR. Summit Securities Group LLC purchased a new position in shares of Palantir Technologies in the second quarter worth about $25,000. Farmers & Merchants Investments Inc. bought a new position in Palantir Technologies during the 2nd quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in Palantir Technologies in the 3rd quarter worth approximately $25,000. Prestige Wealth Management Group LLC lifted its position 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 during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Palantir Technologies during the second quarter valued at approximately $30,000. 45.65% of the stock is owned by institutional investors.

About Palantir Technologies

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.