Palantir Technologies (NASDAQ:PLTR) Trading Up 1.4% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR) was up 1.4% during mid-day trading on Thursday . The company traded as high as $93.62 and last traded at $90.58. Approximately 42,627,893 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 93,270,039 shares. The stock had previously closed at $89.31.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PLTR shares. Loop Capital started coverage on Palantir Technologies in a report on Thursday, February 20th. They issued a “buy” rating and a $141.00 target price on the stock. Argus cut Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Jefferies Financial Group raised their target price on Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. Citigroup raised their target price on Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, The Goldman Sachs Group lifted their price objective on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Six analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Palantir Technologies presently has a consensus rating of “Hold” and an average target price of $73.21.

Palantir Technologies Stock Up 0.1 %

The business has a 50-day simple moving average of $87.09 and a two-hundred day simple moving average of $61.43. The company has a market cap of $193.31 billion, a price-to-earnings ratio of 446.64, a PEG ratio of 10.84 and a beta of 2.81.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 5,250,000 shares of Palantir Technologies stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total value of $367,920,000.00. Following the transaction, the insider now directly owns 752,786 shares in the company, valued at approximately $52,755,242.88. The trade was a 87.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Alexandra W. Schiff sold 4,000 shares of Palantir Technologies stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $71.63, for a total value of $286,520.00. Following the completion of the transaction, the director now owns 195,393 shares in the company, valued at $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,689,783 shares of company stock valued at $475,417,043 over the last quarter. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its stake in Palantir Technologies by 80.2% during the third quarter. Assenagon Asset Management S.A. now owns 37,012 shares of the company’s stock valued at $1,377,000 after acquiring an additional 16,469 shares during the period. Pallas Capital Advisors LLC bought a new position in Palantir Technologies during the third quarter valued at about $199,000. abrdn plc increased its stake in Palantir Technologies by 124.0% during the third quarter. abrdn plc now owns 611,142 shares of the company’s stock valued at $22,646,000 after acquiring an additional 338,260 shares during the period. Strategic Blueprint LLC bought a new position in Palantir Technologies during the third quarter valued at about $322,000. Finally, Valmark Advisers Inc. bought a new position in Palantir Technologies during the third quarter valued at about $249,000. 45.65% of the stock is currently 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.