Palantir Technologies (NASDAQ:PLTR) Trading 0.6% Higher – Should You Buy?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) shot up 0.6% during trading on Wednesday . The company traded as high as $87.37 and last traded at $84.90. 35,881,704 shares were traded during mid-day trading, a decline of 44% from the average session volume of 63,886,499 shares. The stock had previously closed at $84.40.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $60.00 to $95.00 in a research report on Tuesday, February 4th. DA Davidson upped their target price on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Wedbush reiterated an “outperform” rating and issued a $120.00 price target on shares of Palantir Technologies in a report on Monday. Loop Capital started coverage on shares of Palantir Technologies in a research note on Thursday, February 20th. They set a “buy” rating and a $141.00 price objective for the company. Finally, Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $74.79.

Palantir Technologies Price Performance

The business’s 50 day moving average price is $87.18 and its 200 day moving average price is $62.60. The firm has a market cap of $200.02 billion, a PE ratio of 461.51, a PEG ratio of 10.84 and a beta of 2.81.

Insiders Place Their Bets

In related news, insider Stephen Andrew Cohen sold 450,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $42,002.40. This represents a 99.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan D. Taylor sold 483,987 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total value of $36,047,351.76. Following the completion of the sale, the insider now directly owns 170,273 shares of the company’s stock, valued at approximately $12,681,933.04. This represents a 73.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,439,783 shares of company stock worth $107,497,043. Corporate insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Several institutional investors have recently made changes to their positions in PLTR. Mather Group LLC. lifted its holdings in shares of Palantir Technologies by 101.4% in the 4th quarter. Mather Group LLC. now owns 890 shares of the company’s stock worth $67,000 after acquiring an additional 448 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after purchasing an additional 4,667,955 shares in the last quarter. Diversify Wealth Management LLC purchased a new position in shares of Palantir Technologies during the fourth quarter worth $876,000. Destiny Wealth Partners LLC purchased a new position in Palantir Technologies during the 4th quarter valued at about $3,233,000. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of Palantir Technologies by 19.2% in the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock valued at $20,146,000 after purchasing an additional 87,062 shares during the period. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.