Palantir Technologies (NYSE:PLTR) Announces Quarterly Earnings Results

Palantir Technologies (NYSE:PLTR) issued its earnings results on Monday. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01, Briefing.com reports. The firm had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 10.41% and a net margin of 18.01%. The business’s revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 earnings per share. Palantir Technologies updated its FY 2024 guidance to EPS and its Q4 2024 guidance to EPS.

Palantir Technologies Stock Performance

Palantir Technologies stock traded up $4.38 during midday trading on Wednesday, hitting $55.51. 113,824,068 shares of the company’s stock were exchanged, compared to its average volume of 57,146,773. Palantir Technologies has a 52-week low of $15.66 and a 52-week high of $55.69. The stock has a 50-day moving average price of $38.60 and a two-hundred day moving average price of $29.97. The company has a market cap of $124.30 billion, a P/E ratio of 277.65 and a beta of 2.70.

Analysts Set New Price Targets

Several brokerages have issued reports on PLTR. Northland Securities boosted their target price on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday. Wedbush boosted their target price on Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. DA Davidson boosted their target price on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday. Bank of America boosted their target price on Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Finally, Monness Crespi & Hardt decreased 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. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $29.93.

Insider Buying and Selling

In related news, insider Alexander C. Karp sold 3,337,048 shares of the business’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the transaction, the insider now directly owns 6,432,258 shares in the company, valued at $289,580,255.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Ryan D. Taylor sold 249,684 shares of the company’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $30.01, for a total value of $7,493,016.84. Following the completion of the transaction, the insider now directly owns 372,565 shares in the company, valued at approximately $11,180,675.65. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alexander C. Karp sold 3,337,048 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $45.02, for a total value of $150,233,900.96. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $289,580,255.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,204,508 shares of company stock worth $802,654,666 over the last ninety days. 12.93% of the stock is owned by corporate insiders.

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.