Palantir Technologies (NYSE:PLTR) Hits New 52-Week High on Earnings Beat

Shares of Palantir Technologies Inc. (NYSE:PLTR) reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $49.46 and last traded at $49.35, with a volume of 43171539 shares changing hands. The stock had previously closed at $41.41.

The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The firm had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same period last year, the business posted $0.03 EPS. The business’s revenue was up 30.0% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PLTR. Wedbush upped their price objective on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. The Goldman Sachs Group lifted their target price on shares of Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Citigroup boosted their price objective on shares of Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Northland Securities started coverage on shares of Palantir Technologies in a research report on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 target price for the company. Finally, Northland Capmk raised Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies currently has a consensus rating of “Hold” and a consensus price target of $27.86.

Insider Buying and Selling

In other news, Director Alexander D. Moore sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total value of $617,800.00. Following the completion of the sale, the director now owns 1,510,630 shares of the company’s stock, valued at $46,663,360.70. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Palantir Technologies news, insider Alexander C. Karp sold 3,337,048 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Alexander D. Moore sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $30.89, for a total transaction of $617,800.00. Following the transaction, the director now directly owns 1,510,630 shares in the company, valued at approximately $46,663,360.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 21,204,508 shares of company stock valued at $802,654,666 over the last 90 days. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently modified their holdings of the business. Walter & Keenan Wealth Management LLC IN ADV raised its stake in Palantir Technologies by 1.2% in the third quarter. Walter & Keenan Wealth Management LLC IN ADV now owns 19,587 shares of the company’s stock valued at $729,000 after buying an additional 235 shares in the last quarter. Greater Midwest Financial Group LLC boosted its holdings in shares of Palantir Technologies by 0.3% in the 3rd quarter. Greater Midwest Financial Group LLC now owns 87,392 shares of the company’s stock valued at $3,251,000 after buying an additional 250 shares in the last quarter. Quantum Private Wealth LLC increased its holdings in shares of Palantir Technologies by 1.1% in the third quarter. Quantum Private Wealth LLC now owns 23,257 shares of the company’s stock valued at $865,000 after purchasing an additional 250 shares during the period. LCM Capital Management Inc lifted its holdings in shares of Palantir Technologies by 0.9% during the third quarter. LCM Capital Management Inc now owns 32,455 shares of the company’s stock worth $1,207,000 after purchasing an additional 300 shares during the period. Finally, Acorn Financial Advisory Services Inc. ADV grew its position in Palantir Technologies by 0.6% in the 3rd quarter. Acorn Financial Advisory Services Inc. ADV now owns 48,347 shares of the company’s stock valued at $1,799,000 after buying an additional 300 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Trading Up 20.0 %

The company has a market capitalization of $111.32 billion, a price-to-earnings ratio of 292.84 and a beta of 2.70. The firm’s 50 day simple moving average is $38.19 and its 200-day simple moving average is $29.75.

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.