Palantir Technologies (NYSE:PLTR) Sees Strong Trading Volume – Still a Buy?

Shares of Palantir Technologies Inc. (NYSE:PLTR) saw unusually-high trading volume on Monday . Approximately 41,784,836 shares changed hands during mid-day trading, a decline of 28% from the previous session’s volume of 58,311,016 shares.The stock last traded at $59.48 and had previously closed at $65.77.

Wall Street Analysts Forecast Growth

PLTR has been the subject of a number of analyst reports. DA Davidson increased their price target on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Raymond James cut Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Jefferies Financial Group downgraded shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective for the company. in a research note on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research note on Tuesday, August 6th. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.71.

Palantir Technologies Stock Down 5.3 %

The company’s 50 day simple moving average is $43.19 and its two-hundred day simple moving average is $32.08. The company has a market capitalization of $139.43 billion, a price-to-earnings ratio of 307.22 and a beta of 2.70.

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

Insider Activity

In other news, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider now directly owns 6,432,258 shares in the company, valued at $232,011,546.06. This trade represents a 41.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Shyam Sankar sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $32.35, for a total value of $1,617,500.00. Following the completion of the sale, the insider now owns 752,786 shares in the company, valued at approximately $24,352,627.10. This represents a 6.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,562,840 shares of company stock worth $1,435,787,316 over the last 90 days. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors have recently bought and sold shares of the business. State of Alaska Department of Revenue boosted its holdings in Palantir Technologies by 22.9% in the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock valued at $13,786,000 after purchasing an additional 68,945 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Palantir Technologies by 19.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock valued at $20,146,000 after buying an additional 87,062 shares during the period. Tyler Stone Wealth Management boosted its stake in shares of Palantir Technologies by 97.9% in the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock worth $7,515,000 after buying an additional 99,921 shares during the last quarter. Heritage Wealth Management Inc. CA acquired a new stake in Palantir Technologies during the third quarter worth about $1,076,000. Finally, Cyndeo Wealth Partners LLC purchased a new position in Palantir Technologies during the third quarter valued at approximately $6,339,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

About Palantir Technologies

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.