Palantir Technologies (NASDAQ:PLTR) Trading 2.8% Higher – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) rose 2.8% during mid-day trading on Tuesday . The stock traded as high as $135.79 and last traded at $133.72. 49,535,090 shares changed hands during trading, an increase of 5% from the average session volume of 47,302,773 shares. The stock had previously closed at $130.04.

More Palantir Technologies News

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Palantir’s partnership with Nvidia to develop “sovereign AI” is being viewed as a meaningful growth catalyst, reinforcing PLTR’s position in enterprise and government AI deployments. Does Palantir’s Latest Partnership With Nvidia Make It a Screaming Buy?
• Positive Sentiment: The U.S. Small Business Administration expanded its use of Palantir software to help detect and prosecute pandemic-related fraud, highlighting continued demand for PLTR’s government analytics tools. SBA Expands Use of Palantir Software to Accelerate Pandemic Fraud Crackdown
• Neutral Sentiment: Palantir confirmed its Q2 earnings date for Aug. 3, which keeps the stock in focus but does not by itself change the business outlook. Palantir Stock Climbs After Confirming Q2 Earnings Release
• Neutral Sentiment: Analysts and technical traders are still debating whether recent weakness is a buying opportunity or a sign that the stock needs to digest its lofty valuation first. Palantir Stock Price Outlook: What Technical Analysis Says Right Now
• Negative Sentiment: PLTR remains under pressure from its rich valuation and broader rotation out of software names, with investors still cautious despite strong growth and multiple recent partnerships. Palantir Stock Price Outlook: What Technical Analysis Says Right Now

Wall Street Analysts Forecast Growth

PLTR has been the subject of a number of research analyst reports. Wedbush initiated coverage on Palantir Technologies in a report on Tuesday, June 16th. They set an “outperform” rating for the company. Citigroup upped their price objective on shares of Palantir Technologies from $210.00 to $225.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. DZ Bank assumed coverage on shares of Palantir Technologies in a report on Thursday, April 23rd. They set a “buy” rating and a $175.00 price target for the company. Rosenblatt Securities restated a “buy” rating and set a $225.00 price objective on shares of Palantir Technologies in a research report on Friday, June 5th. Finally, President Capital upgraded Palantir Technologies from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $25.50 to $133.00 in a report on Monday, June 29th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $190.85.

Palantir Technologies Trading Up 0.0%

The stock’s 50-day moving average price is $132.36 and its 200-day moving average price is $144.76. The stock has a market cap of $320.66 billion, a price-to-earnings ratio of 150.29, a P/E/G ratio of 2.14 and a beta of 1.56.

Palantir Technologies (NASDAQ:PLTR) last released its earnings results on Monday, May 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.05. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.54 billion. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. Palantir Technologies’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.13 earnings per share. As a group, analysts predict that Palantir Technologies Inc. will post 1.17 earnings per share for the current year.

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, insider Shyam Sankar sold 165,514 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total value of $22,516,524.56. Following the completion of the sale, the insider owned 642,786 shares of the company’s stock, valued at approximately $87,444,607.44. This trade represents a 20.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alexander C. Karp sold 397,744 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total value of $54,109,093.76. Following the completion of the transaction, the insider owned 6,432,258 shares in the company, valued at approximately $875,044,378.32. This represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,112,270 shares of company stock valued at $150,247,785 over the last 90 days. Insiders own 9.53% of the company’s stock.

Institutional Trading of Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of PLTR. Basepoint Wealth LLC bought a new stake in shares of Palantir Technologies in the 4th quarter worth $29,000. Ballast Advisors LLC bought a new stake in Palantir Technologies during the first quarter worth $29,000. Morton Brown Family Wealth LLC grew its stake in Palantir Technologies by 250.0% in the 4th quarter. Morton Brown Family Wealth LLC now owns 175 shares of the company’s stock valued at $31,000 after purchasing an additional 125 shares during the period. Cornerstone Financial Management LLC purchased a new position in shares of Palantir Technologies in the 4th quarter worth about $31,000. Finally, Clayton Financial Group LLC increased its holdings in Palantir Technologies by 500.0% during the fourth quarter. Clayton Financial Group LLC now owns 180 shares of the company’s stock worth $32,000 after buying an additional 150 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Company Profile

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.