Palantir Technologies (NASDAQ:PLTR) Trading 2.2% Higher – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price rose 2.2% on Wednesday . The stock traded as high as $81.83 and last traded at $79.03. Approximately 51,261,765 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 70,004,698 shares. The stock had previously closed at $77.32.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PLTR shares. Baird R W upgraded Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Daiwa Capital Markets initiated coverage on Palantir Technologies in a report on Tuesday, April 1st. They set a “neutral” rating and a $90.00 target price for the company. Daiwa America raised shares of Palantir Technologies to a “hold” rating in a research report on Tuesday, April 1st. Citigroup boosted their price objective on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Finally, DA Davidson raised their target price on shares of Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $75.19.

Palantir Technologies Price Performance

The stock has a market cap of $188.74 billion, a P/E ratio of 423.99, a PEG ratio of 10.84 and a beta of 2.74. The stock has a 50-day simple moving average of $92.61 and a 200-day simple moving average of $71.79.

Insider Buying and Selling

In other news, insider Heather A. Planishek sold 13,891 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $115.96, for a total transaction of $1,610,800.36. Following the sale, the insider now directly owns 512,006 shares in the company, valued at approximately $59,372,215.76. The trade was a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total transaction of $65,000.00. Following the completion of the transaction, the director now owns 61,339 shares of the company’s stock, valued at approximately $4,983,793.75. This trade represents a 1.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,989,975 shares of company stock worth $253,328,090 in the last three months. 12.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. bought a new position in shares of Palantir Technologies during the third quarter worth about $280,000. Wellington Management Group LLP raised its holdings in Palantir Technologies by 3,106.8% during the 3rd quarter. Wellington Management Group LLP now owns 775,208 shares of the company’s stock worth $28,838,000 after purchasing an additional 751,034 shares during the last quarter. EP Wealth Advisors LLC lifted its position in shares of Palantir Technologies by 17.2% in the 3rd quarter. EP Wealth Advisors LLC now owns 20,073 shares of the company’s stock worth $747,000 after purchasing an additional 2,941 shares during the period. Orion Portfolio Solutions LLC boosted its stake in shares of Palantir Technologies by 5.2% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 61,273 shares of the company’s stock valued at $2,279,000 after purchasing an additional 3,049 shares during the last quarter. Finally, Glass Jacobson Investment Advisors llc increased its position in shares of Palantir Technologies by 258.9% during the third quarter. Glass Jacobson Investment Advisors llc now owns 7,789 shares of the company’s stock worth $290,000 after buying an additional 5,619 shares during the period. 45.65% of the stock is owned by institutional investors.

About Palantir Technologies

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.