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

Palantir Technologies Inc. (NYSE:PLTR) saw its shares increase by 1.4% on Friday, with the stock reaching a high of $67.00 and closing at $66.97. During the mid-day trading session, around 15,210,859 shares changed hands, which is significantly lower than the average daily volume of 58,644,922 shares. The previous closing price for the stock was $66.05.

Wall Street Analyst Weigh In

Many equity analysts have provided their insights concerning PLTR shares. Northland Capital Markets recently upgraded the stock to a "hold" rating in a research report dated August 22nd. Conversely, Jefferies Financial Group downgraded Palantir from a "hold" to an "underperform" rating with a price target set at $28.00, as noted in a report on November 7th. Wedbush adjusted their price target for Palantir from $57.00 to $75.00 while rating the stock as "outperform". Meanwhile, Goldman Sachs raised their target price from $16.00 to $41.00 and maintained a "neutral" rating. Royal Bank of Canada has kept an "underperform" rating with a price objective of $9.00, indicated in their note on August 6th. Overall, the consensus suggests six analysts have assigned sell ratings, eight have given hold ratings, and two have suggested buy ratings. The consensus rating is currently set at "Hold" with a target price of $35.64 according to MarketBeat data.

Palantir Technologies Price Performance

The stock boasts a 50-day moving average price of $48.27 and a 200-day moving average price of $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.

Palantir Technologies released its latest quarterly earnings report on November 4th, where it reported earnings per share (EPS) of $0.10, which was slightly above analysts' expectations of $0.09. The revenue for the quarter was $725.52 million, exceeding analyst predictions of $705.11 million. The company recorded a net margin of 18.01% and a return on equity of 9.94%. Additionally, the quarterly revenue saw a year-on-year increase of 30.0%. During the same period last year, it earned $0.03 per share. Analysts are predicting an EPS of $0.21 for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In recent insider trading activity, Alexander C. Karp sold 1,620,395 shares on November 22nd at an average price of $63.21, totaling approximately $102.43 million. Post-transaction, Karp holds about 6,432,258 shares valued around $406.58 million, representing a 20.12% ownership decrease. Additionally, Director Lauren Elaina Friedman Stat sold 9,746 shares on November 25th at an average price of $66.77, producing a total value of $650,740. Following her sale, she holds 111,644 shares valued roughly at $7.45 million, marking an ownership decrease of 8.03%. Over the last 90 days, insiders have sold 34,163,181 shares for about $1.60 billion, with insiders currently owning 12.93% of the company's shares.

Institutional Inflows and Outflows

In terms of institutional investments, various hedge funds have adjusted their positions in Palantir Technologies. State Street Corp significantly increased its stake by 96.4% in the third quarter, owning 82,512,440 shares valued at approximately $3.07 billion after acquiring an additional 40,498,024 shares. Geode Capital Management raised its position by 52.9%, owning 47,946,926 shares worth about $1.78 billion after buying 16,598,253 shares. International Assets Investment Management boosted its holdings by 3,476.2% in the same quarter, acquiring 6,832,301 shares valued at around $254.16 million. Charles Schwab Investment Management grew its stake by 60.5% with a total holding of 12,387,040 shares worth $460.80 million after purchasing extra shares. Lastly, Marshall Wace LLP raised its holdings by 594.3%, now owning 3,550,176 shares worth approximately $89.93 million. Currently, institutional investors hold 45.65% of Palantir's stock.

About Palantir Technologies

Palantir Technologies Inc. specializes in building and deploying software platforms aimed at helping the intelligence community conduct counterterrorism investigations and operations within the U.S. and globally. The company offers Palantir Gotham, a software platform that aids users in uncovering patterns hidden within vast datasets, which includes inputs from various intelligence sources and reports from informants. The platform also facilitates smooth handoffs between analysts and operational users, thereby aiding in the planning and execution of responses to identified threats.

Investing Perspective

The current performance of Palantir Technologies raises the question of whether now is a good time to invest. Despite the recent uptick in stock price, analysts remain cautious. It is advisable for potential investors to consider the broader market trends and the overall health of the company before making a decision.

Palantir, Stocks, Earnings