Palantir Technologies (NYSE:PLTR) Trading Up 7.7% – Time to Buy?

Palantir Technologies Inc. (NYSE:PLTR) was up 7.7% during mid-day trading on Friday . The company traded as high as $63.93 and last traded at $63.76. Approximately 51,671,492 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 57,918,750 shares. The stock had previously closed at $59.18.

Analyst Ratings Changes

Several equities research analysts recently commented on PLTR shares. Jefferies Financial Group downgraded shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price on the stock. in a research report on Thursday, November 7th. Royal Bank of Canada reissued an “underperform” rating and issued a $9.00 price objective on shares of Palantir Technologies in a research note on Tuesday, August 6th. Citigroup raised their target price on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Bank of America lifted their target price on Palantir Technologies from $30.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Finally, Wedbush increased their price target on Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $31.71.

Palantir Technologies Stock Up 7.8 %

The business’s 50 day simple moving average is $42.48 and its two-hundred day simple moving average is $31.65. The stock has a market capitalization of $142.83 billion, a P/E ratio of 318.82 and a beta of 2.70.

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

Insiders Place Their Bets

In related news, insider Shyam Sankar sold 50,000 shares of Palantir Technologies stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total value of $1,617,500.00. Following the completion of the sale, the insider now owns 752,786 shares of the company’s stock, valued at approximately $24,352,627.10. This trade represents a 6.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 8,860 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $58.06, for a total transaction of $514,411.60. Following the sale, the director now directly owns 121,390 shares in the company, valued at approximately $7,047,903.40. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,239,238 shares of company stock valued at $1,036,731,557 in the last three months. 12.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors have recently made changes to their positions in the stock. Summit Securities Group LLC purchased a new position in shares of Palantir Technologies during the 2nd quarter valued at $25,000. Farmers & Merchants Investments Inc. purchased a new position in Palantir Technologies during the second quarter worth about $25,000. Northwest Investment Counselors LLC bought a new position in Palantir Technologies in the 3rd quarter worth about $25,000. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Palantir Technologies in the 2nd quarter valued at about $30,000. Finally, Beacon Capital Management LLC boosted its position in shares of Palantir Technologies by 269.5% during the 1st quarter. Beacon Capital Management LLC now owns 1,515 shares of the company’s stock valued at $35,000 after acquiring an additional 1,105 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.