Short Interest in Palantir Technologies Inc. (NYSE:PLTR) Decreases By 18.6%

Palantir Technologies Inc. (NYSE:PLTRGet Rating) was the target of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 107,050,000 shares, a decline of 18.6% from the May 15th total of 131,530,000 shares. Based on an average daily volume of 41,540,000 shares, the days-to-cover ratio is presently 2.6 days. Approximately 6.5% of the shares of the company are sold short.

PLTR has been the subject of a number of recent analyst reports. Morgan Stanley upgraded shares of Palantir Technologies from an “underweight” rating to an “equal weight” rating and dropped their price target for the stock from $24.00 to $16.00 in a research report on Monday, March 7th. Monness Crespi & Hardt began coverage on Palantir Technologies in a research note on Monday, April 11th. They set a “buy” rating and a $20.00 target price on the stock. Wolfe Research reissued a “hold” rating and set a $9.00 target price on shares of Palantir Technologies in a research note on Friday, February 18th. Royal Bank of Canada downgraded Palantir Technologies from a “sector perform” rating to an “underperform” rating and decreased their target price for the company from $12.00 to $6.00 in a research note on Monday, May 9th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Palantir Technologies from $15.00 to $11.00 in a research note on Tuesday, May 10th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies currently has a consensus rating of “Hold” and an average price target of $14.89.

In related news, insider Ryan D. Taylor sold 48,656 shares of the firm’s stock in a transaction on Friday, May 20th. The stock was sold at an average price of $8.09, for a total value of $393,627.04. Following the transaction, the insider now directly owns 720,370 shares of the company’s stock, valued at approximately $5,827,793.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Ryan D. Taylor sold 22,666 shares of the firm’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $8.03, for a total value of $182,007.98. Following the completion of the transaction, the insider now directly owns 697,704 shares in the company, valued at $5,602,563.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 119,199 shares of company stock valued at $1,178,652. Corporate insiders own 17.00% of the company’s stock.

Large investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in Palantir Technologies by 9.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 44,052 shares of the company’s stock worth $1,059,000 after purchasing an additional 3,814 shares during the period. GSA Capital Partners LLP purchased a new stake in Palantir Technologies in the 3rd quarter worth about $330,000. Franklin Resources Inc. purchased a new stake in Palantir Technologies in the 3rd quarter worth about $763,000. Dimensional Fund Advisors LP lifted its position in shares of Palantir Technologies by 8.5% during the third quarter. Dimensional Fund Advisors LP now owns 449,640 shares of the company’s stock worth $10,809,000 after purchasing an additional 35,182 shares during the last quarter. Finally, Neuberger Berman Group LLC bought a new stake in shares of Palantir Technologies during the third quarter worth $647,000. 40.02% of the stock is owned by institutional investors and hedge funds.

Shares of Palantir Technologies stock traded up $0.57 during trading hours on Friday, reaching $8.24. The company’s stock had a trading volume of 45,226,008 shares, compared to its average volume of 48,325,418. The firm has a 50 day moving average price of $9.66 and a 200-day moving average price of $13.00. Palantir Technologies has a one year low of $6.44 and a one year high of $29.29.

Palantir Technologies (NYSE:PLTRGet Rating) last released its quarterly earnings results on Monday, May 9th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.02). Palantir Technologies had a positive return on equity of 12.04% and a negative net margin of 30.25%. The company had revenue of $446.36 million during the quarter, compared to analysts’ expectations of $443.51 million. During the same quarter in the prior year, the business posted $0.04 EPS. The company’s revenue was up 30.8% on a year-over-year basis. As a group, sell-side analysts expect that Palantir Technologies will post -0.07 earnings per share for the current fiscal year.

About Palantir Technologies (Get Rating)

Palantir Technologies Inc builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. 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.

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