Palantir Technologies (NASDAQ:PLTR) Trading 1.8% Higher – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price rose 1.8% during mid-day trading on Wednesday . The company traded as high as $85.39 and last traded at $85.44. Approximately 27,179,135 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 65,027,446 shares. The stock had previously closed at $83.89.

Analysts Set New Price Targets

A number of brokerages have recently commented on PLTR. Wedbush reaffirmed an “outperform” rating and set a $120.00 price target on shares of Palantir Technologies in a research report on Monday, March 3rd. Royal Bank of Canada upped their price objective on shares of Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Jefferies Financial Group lifted their target price on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. DA Davidson boosted their price objective on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, UBS Group increased their target price on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $74.45.

Palantir Technologies Stock Performance

The company has a market capitalization of $201.59 billion, a PE ratio of 452.43, a PEG ratio of 10.84 and a beta of 2.81. The business’s 50-day moving average is $88.34 and its 200-day moving average is $66.23.

Insider Activity

In related news, insider Heather A. Planishek sold 13,891 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $115.96, for a total transaction of $1,610,800.36. Following the completion of the sale, the insider now owns 512,006 shares of the company’s stock, valued at $59,372,215.76. This trade represents a 2.64 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alexandra W. Schiff sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The shares were 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 directly owns 195,393 shares in the company, valued at $13,996,000.59. This trade represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,069,785 shares of company stock worth $254,537,238. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently added to or reduced their stakes in the stock. Prestige Wealth Management Group LLC grew its stake in shares of Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares during the period. Roxbury Financial LLC purchased a new position in shares of Palantir Technologies in the fourth quarter worth approximately $27,000. First PREMIER Bank bought a new stake in Palantir Technologies during the fourth quarter valued at approximately $28,000. Wolff Wiese Magana LLC increased its holdings in Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after buying an additional 265 shares during the last quarter. Finally, HighMark Wealth Management LLC increased its holdings in Palantir Technologies by 73.5% during the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after buying an additional 166 shares during the last quarter. 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.