Palantir Technologies (NASDAQ:PLTR) Shares Up 8% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price rose 8% during trading on Tuesday . The stock traded as high as $86.11 and last traded at $84.04. Approximately 53,012,764 shares changed hands during trading, a decline of 47% from the average daily volume of 99,505,781 shares. The stock had previously closed at $77.84.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. William Blair set a $84.00 price objective on Palantir Technologies in a report on Wednesday, March 5th. Mizuho raised their price target on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Citigroup lifted their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Wedbush reissued an “outperform” rating and issued a $120.00 price objective on shares of Palantir Technologies in a research report on Monday, March 3rd. Finally, Royal Bank of Canada raised their target price on shares of Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $75.19.

Palantir Technologies Price Performance

The stock has a market capitalization of $184.61 billion, a price-to-earnings ratio of 416.25, a PEG ratio of 10.84 and a beta of 2.74. The firm’s fifty day moving average is $92.72 and its 200-day moving average is $71.47.

Insider Transactions at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $81.25, for a total value of $65,000.00. Following the completion of the sale, the director now directly owns 61,339 shares in the company, valued at approximately $4,983,793.75. The trade was a 1.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Alexandra W. Schiff sold 6,776 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $86.63, for a total value of $587,004.88. Following the sale, the director now directly owns 184,617 shares in the company, valued at approximately $15,993,370.71. This represents a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,989,975 shares of company stock valued at $253,328,090. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Palantir Technologies during the fourth quarter valued at approximately $1,360,191,000. Geode Capital Management LLC lifted its holdings in shares of Palantir Technologies by 52.9% in the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after purchasing an additional 16,598,253 shares during the last quarter. Wellington Management Group LLP boosted its position in Palantir Technologies by 504.0% during the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock valued at $354,117,000 after purchasing an additional 3,907,022 shares during the period. Invesco Ltd. grew its stake in Palantir Technologies by 31.2% during the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company’s stock worth $1,115,409,000 after buying an additional 3,509,311 shares during the last quarter. Finally, Capital World Investors acquired a new stake in Palantir Technologies in the fourth quarter worth $253,816,000. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.