Palantir Technologies (NYSE:PLTR) Shares Up 22.3% Following Earnings Beat

Palantir Technologies Inc. (NYSE:PLTR) shot up 22.3% on Tuesday following a better than expected earnings announcement. The company traded as high as $50.98 and last traded at $50.65. 114,410,469 shares changed hands during mid-day trading, an increase of 103% from the average session volume of 56,381,727 shares. The stock had previously closed at $41.41.

The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. Palantir Technologies’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the business earned $0.03 earnings per share.

Analyst Upgrades and Downgrades

PLTR has been the subject of a number of analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a report on Tuesday, August 6th. DA Davidson lifted their price target on Palantir Technologies from $24.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Bank of America lifted their price target on Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday, September 10th. Citigroup lifted their price target on Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Wedbush lifted their price target on Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $27.86.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, Director Alexander D. Moore sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total value of $617,800.00. Following the sale, the director now owns 1,510,630 shares in the company, valued at approximately $46,663,360.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Palantir Technologies news, Director Alexander D. Moore sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total value of $617,800.00. Following the sale, the director now owns 1,510,630 shares in the company, valued at approximately $46,663,360.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at $232,011,546.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 21,204,508 shares of company stock worth $802,654,666. 12.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

Institutional investors and hedge funds have recently made changes to their positions in the stock. Walter & Keenan Wealth Management LLC IN ADV increased its holdings in shares of Palantir Technologies by 1.2% during the 3rd quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 19,587 shares of the company’s stock worth $729,000 after acquiring an additional 235 shares during the last quarter. Greater Midwest Financial Group LLC increased its holdings in shares of Palantir Technologies by 0.3% during the 3rd quarter. Greater Midwest Financial Group LLC now owns 87,392 shares of the company’s stock worth $3,251,000 after acquiring an additional 250 shares during the last quarter. Quantum Private Wealth LLC increased its holdings in shares of Palantir Technologies by 1.1% during the 3rd quarter. Quantum Private Wealth LLC now owns 23,257 shares of the company’s stock worth $865,000 after acquiring an additional 250 shares during the last quarter. LCM Capital Management Inc increased its holdings in shares of Palantir Technologies by 0.9% during the 3rd quarter. LCM Capital Management Inc now owns 32,455 shares of the company’s stock worth $1,207,000 after acquiring an additional 300 shares during the last quarter. Finally, Acorn Financial Advisory Services Inc. ADV increased its holdings in shares of Palantir Technologies by 0.6% during the 3rd quarter. Acorn Financial Advisory Services Inc. ADV now owns 48,347 shares of the company’s stock worth $1,799,000 after acquiring an additional 300 shares during the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

The firm has a market capitalization of $113.58 billion, a price-to-earnings ratio of 297.96 and a beta of 2.70. The business has a fifty day moving average of $38.19 and a two-hundred day moving average of $29.75.

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.