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

Palantir Technologies Inc. (NYSE:PLTR) saw an increase of 1.4% in its stock price on Friday, trading at $66.97 after reaching a high of $67.00 during the session. Around 15,210,859 shares changed hands, indicating a 74% decrease from its average daily volume of 58,644,922 shares. The stock had previously closed at $66.05.

Wall Street Analyst Views

Market analysts have provided differing opinions regarding Palantir’s stock. In a research report from August 22, Northland Capital Markets upgraded shares to a "hold" rating. Conversely, Jefferies Financial Group lowered Palantir’s rating from "hold" to "underperform," placing a price target of $28.00. On November 7, Wedbush adjusted their price objective from $57.00 to $75.00, categorizing the stock as an "outperform." Meanwhile, Goldman Sachs also updated their target price for Palantir from $16.00 to $41.00 with a "neutral" rating. Additionally, Royal Bank of Canada reiterated an "underperform" rating with a price target of $9.00. The cumulative analysis shows six analysts recommending a sell, eight suggesting a hold, and two advocating for a buy, leading to a consensus rating of "Hold" with an average price target of $35.64.

Stock Performance Metrics

Palantir Technologies has a 50-day moving average price of $48.27 and a 200-day moving average price of $34.55. The firm possesses 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. The company recently reported its quarterly earnings results, showing earnings per share (EPS) of $0.10, exceeding analysts’ expectations of $0.09 by a narrow margin. The quarterly revenue stood at $725.52 million, surpassing the analysts' forecast of $705.11 million. This marked a year-over-year revenue increase of 30.0%. Analysts expect Palantir Technologies Inc. to achieve an EPS of 0.21 for the current fiscal year.

Insider Trading Activities

In related news, Alexander C. Karp, an insider at Palantir Technologies, recently sold 1,620,395 shares at an average price of $63.21, totaling approximately $102.43 million. Subsequent to the sale, Karp retained ownership of 6,432,258 shares, valued at around $406.58 million, marking a 20.12% reduction in his holdings. Additionally, Director Lauren Elaina Friedman Stat sold 9,746 shares at an average price of $66.77, resulting in a total transaction value of $650,740.42. Following this sale, she owns 111,644 shares valued at approximately $7.45 million. In total, insiders sold 34,163,181 shares worth $1.60 billion over the last 90 days, and 12.93% of the stock is held by insiders.

Institutional Investment Movements

Institutional trading has also seen significant activity, with several hedge funds adjusting their stakes. State Street Corp increased its position by 96.4% during the third quarter, amassing 82,512,440 shares worth $3.07 billion. Geode Capital Management LLC raised its holdings by 52.9%, now owning 47,946,926 shares valued at $1.78 billion. International Assets Investment Management LLC significantly boosted their stake by 3,476.2%, holding 6,832,301 shares worth $254.16 million. Charles Schwab Investment Management Inc. and Marshall Wace LLP also made substantial increases, with 12,387,040 shares and 3,550,176 shares acquired respectively. Currently, institutional investors own 45.65% of Palantir Technologies' stock.

About Palantir Technologies

Palantir Technologies Inc. creates and delivers software solutions specifically aimed at the intelligence community for counterterrorism operations both within the United States and internationally. Their platform, Palantir Gotham, allows users to uncover intricate patterns within vast data sets, enhancing operational planning and execution against identified threats.

Final Thoughts on Investment Strategy

Before making an investment decision regarding Palantir Technologies, it's crucial to consider all available insights and recommendations. Current investment ratings suggest a cautious approach, with many analysts recommending alternatives that might present more promising investment opportunities.

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