Palantir Technologies (NYSE:PLTR) Stock Price Up 1.4% - Should You Buy?

On Friday, shares of Palantir Technologies Inc. (NYSE:PLTR) increased by 1.4%. The stock reached a high of $67.00 before closing at $66.97. During the trading session, around 15,210,859 shares changed hands, which is significantly lower than the average daily volume of 58,644,922 shares. The stock had ended the previous day at $66.05.

Wall Street Analyst Opinions

Several analysts have expressed their views on Palantir's shares. Northland Capital Markets upgraded the stock to a 'hold' rating on August 22nd. Meanwhile, Jefferies Financial Group recently downgraded Palantir from a 'hold' to an 'underperform' rating, setting a price target of $28.00. On the positive side, Wedbush increased their price target for Palantir from $57.00 to $75.00, labeling it as an 'outperform' stock in their report on Monday. Similarly, Goldman Sachs raised their target from $16.00 to $41.00 and maintained a 'neutral' rating. Conversely, in an earlier report, Royal Bank of Canada reiterated its 'underperform' rating with a target price of $9.00. Overall, six analysts recommend selling, eight suggest holding, and two advise buying the stock. MarketBeat data shows that Palantir has a consensus rating of 'Hold' with an average price target of $35.64.

Palantir Technologies Price Performance

The stock's 50-day moving average is $48.27, while the 200-day moving average is $34.55. Palantir has a market capitalization of $151.85 billion, a price-to-earnings ratio of 334.87, a PEG ratio of 8.93, and a beta of 2.70.

Recently, on November 4th, the company reported its quarterly earnings. Palantir posted an earnings per share (EPS) of $0.10, surpassing analyst expectations of $0.09. The reported revenue was $725.52 million, beating predictions of $705.11 million. The company achieved a net margin of 18.01% and a return on equity of 9.94%, with quarterly revenue up by 30% compared to the same period last year. Last year, in the same quarter, Palantir earned $0.03 EPS. Analysts now predict that Palantir will post an EPS of $0.21 for the current fiscal year.

Insider Trading Activity

In recent insider trading news, Alexander C. Karp, the CEO, sold 1,620,395 shares of Palantir on November 22nd for an average price of $63.21, totaling over $102 million. After this sale, Karp still holds approximately 6.43 million shares valued at about $406 million, reflecting a 20.12% decrease in his ownership. Additionally, Director Lauren Elaina Friedman Stat sold 9,746 shares on November 25th at an average price of $66.77, amounting to $650,740. Following this sale, her ownership decreased by 8.03%. In the last 90 days, insiders sold a total of 34,163,181 shares worth around $1.6 billion, with insiders currently holding 12.93% of the company's stock.

Institutional Buying and Selling

Several institutional investors have recently adjusted their holdings in Palantir. State Street Corp increased its stake by 96.4% during the third quarter, owning 82,512,440 shares valued at $3.07 billion after purchasing an additional 40.5 million shares. Geode Capital Management raised its position by 52.9%, acquiring 16.6 million more shares, bringing their total to 47,946,926 shares worth $1.78 billion. International Assets Investment Management increased its holdings significantly by 3,476.2%, now owning nearly 6.83 million shares valued at $254 million. Charles Schwab Investment Management also raised its stake by 60.5%, bringing its total to 12.39 million shares worth approximately $460.8 million. Marshall Wace LLP raised its holdings by over 594%, owning 3.55 million shares worth nearly $90 million. Currently, institutional investors own 45.65% of the stock.

About Palantir Technologies

Palantir Technologies Inc. focuses on building software platforms that assist the intelligence community with counterterrorism investigations and operations globally, particularly in the U.S. and U.K. One of its flagship products, Palantir Gotham, helps users identify patterns within vast amounts of data, ranging from intelligence reports to information from confidential sources, thereby aiding in planning and executing responses to identified threats.

Consideration for Investors

Before investing in Palantir Technologies, it's essential to consider all factors and potential risks. Currently, the analysts maintain a 'Reduce' rating overall, indicating caution for potential investors. Interested parties should research and evaluate top analysts' recommendations on stocks that may present more promising investment opportunities.

Palantir, Stock, Investment