Palantir Technologies (NYSE:PLTR) Downgraded by Morgan Stanley to “Underweight”

Morgan Stanley lowered shares of Palantir Technologies (NYSE:PLTR) from an equal weight rating to an underweight rating in a research report sent to investors on Thursday morning, MarketBeat reports. The brokerage currently has $9.00 price objective on the stock, up from their prior price objective of $8.00.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Palantir Technologies from $7.00 to $9.00 in a research note on Tuesday, August 8th. DA Davidson lifted their price target on Palantir Technologies from $8.50 to $15.00 and gave the stock a neutral rating in a report on Tuesday, August 8th. Bank of America lifted their target price on shares of Palantir Technologies from $13.00 to $18.00 and gave the stock a buy rating in a research note on Monday, June 12th. Raymond James increased their price objective on Palantir Technologies from $18.00 to $22.00 and gave the stock an outperform rating in a research report on Tuesday, August 8th. Finally, Jefferies Financial Group raised their price objective on Palantir Technologies from $10.00 to $14.00 in a research report on Monday, June 5th. Six research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $13.04.

Palantir Technologies Price Performance

Shares of NYSE:PLTR opened at $14.98 on Thursday. The firm has a market capitalization of $32.23 billion, a price-to-earnings ratio of -499.33, a price-to-earnings-growth ratio of 3.83 and a beta of 2.73. The business’s 50 day moving average price is $16.10 and its 200-day moving average price is $12.14. Palantir Technologies has a 1 year low of $5.84 and a 1 year high of $20.24.

Palantir Technologies (NYSE:PLTR) last announced its earnings results on Monday, August 7th. The company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. Palantir Technologies had a negative net margin of 2.35% and a negative return on equity of 4.37%. The business had revenue of $533.32 million for the quarter, compared to analyst estimates of $533.88 million. On average, sell-side analysts expect that Palantir Technologies will post 0.07 earnings per share for the current year.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Alexander C. Karp sold 325,000 shares of the business’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $15.40, for a total value of $5,005,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at $99,056,773.20. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Palantir Technologies news, insider Stephen Andrew Cohen sold 196,888 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $14.55, for a total transaction of $2,864,720.40. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at approximately $8,613.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Alexander C. Karp sold 325,000 shares of the firm’s stock in a transaction dated Monday, June 5th. The shares were sold at an average price of $15.40, for a total transaction of $5,005,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $99,056,773.20. The disclosure for this sale can be found here. Insiders sold a total of 2,989,673 shares of company stock valued at $55,012,649 in the last three months. 13.96% of the stock is currently owned by company insiders.

Institutional Trading of Palantir Technologies

Institutional investors have recently modified their holdings of the business. Commerce Bank grew its stake in shares of Palantir Technologies by 7.8% during the 1st quarter. Commerce Bank now owns 96,261 shares of the company’s stock worth $813,000 after purchasing an additional 6,964 shares during the period. abrdn plc lifted its stake in Palantir Technologies by 90.3% in the 1st quarter. abrdn plc now owns 324,760 shares of the company’s stock valued at $2,744,000 after buying an additional 154,130 shares in the last quarter. WBH Advisory Inc. acquired a new stake in Palantir Technologies during the 1st quarter valued at $315,000. Franklin Resources Inc. increased its position in Palantir Technologies by 17.6% during the fourth quarter. Franklin Resources Inc. now owns 68,985 shares of the company’s stock worth $443,000 after buying an additional 10,343 shares in the last quarter. Finally, Kovack Advisors Inc. raised its holdings in shares of Palantir Technologies by 107.2% in the fourth quarter. Kovack Advisors Inc. now owns 48,911 shares of the company’s stock worth $314,000 after acquiring an additional 25,305 shares during the last quarter. 34.21% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Company Profile

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.