Palantir Technologies (NYSE:PLTR) Stock Price Expected to Rise, Wedbush Analyst Says

Palantir Technologies (NYSE:PLTR) had its price objective raised by Wedbush from $57.00 to $75.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

PLTR has been the subject of several other reports. Citigroup upped their target price on shares of Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Mizuho boosted their price target on Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reissued an “underperform” rating and issued a $9.00 price target on shares of Palantir Technologies in a report on Tuesday, August 6th. Bank of America lifted their price objective on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Monday. Finally, Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Palantir Technologies currently has an average rating of “Hold” and a consensus price target of $35.64.

Palantir Technologies Trading Up 0.5 %

Shares of PLTR opened at $66.05 on Monday. The stock’s fifty day simple moving average is $48.27 and its 200 day simple moving average is $34.55. Palantir Technologies has a twelve month low of $15.66 and a twelve month high of $67.88. The firm has a market capitalization of $150.46 billion, a P/E ratio of 330.25 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same period in the previous year, the firm earned $0.03 earnings per share. Palantir Technologies’s revenue for the quarter was up 30.0% on a year-over-year basis. Sell-side analysts predict that Palantir Technologies will post 0.21 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Alexander D. Moore sold 20,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total transaction of $617,800.00. Following the sale, the director now owns 1,510,630 shares of the company’s stock, valued at approximately $46,663,360.70. The trade was a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $36.07, for a total value of $162,315,000.00. Following the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. This represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,163,181 shares of company stock valued at $1,603,288,758. Insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Several hedge funds have recently added to or reduced their stakes in PLTR. Northwest Investment Counselors LLC acquired a new stake in shares of Palantir Technologies in the 3rd quarter worth approximately $25,000. Prestige Wealth Management Group LLC lifted its position in Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after purchasing an additional 650 shares during the period. Summit Securities Group LLC bought a new position in Palantir Technologies during the 2nd quarter valued at $25,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Palantir Technologies during the 2nd quarter valued at $25,000. Finally, Creekmur Asset Management LLC raised its stake in shares of Palantir Technologies by 46.0% in the 3rd quarter. Creekmur Asset Management LLC now owns 1,063 shares of the company’s stock worth $40,000 after buying an additional 335 shares in the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.