Palantir Technologies (NASDAQ:PLTR) Trading Up 7.9% on Strong Earnings

Palantir Technologies Inc. (NASDAQ:PLTR) traded up 7.9% during trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $176.33 and last traded at $173.42. 66,858,180 shares changed hands during mid-day trading, a decline of 28% from the average session volume of 92,226,875 shares. The stock had previously closed at $160.66.

The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.14 by $0.02. Palantir Technologies had a return on equity of 11.26% and a net margin of 22.18%. The firm had revenue of $1 billion during the quarter, compared to analysts’ expectations of $939.29 million. During the same quarter last year, the firm earned $0.09 earnings per share. The business’s revenue for the quarter was up 48.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Loop Capital increased their price target on Palantir Technologies from $178.00 to $180.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley increased their price target on Palantir Technologies from $98.00 to $155.00 and gave the company an “equal weight” rating in a report on Tuesday. Citigroup increased their price target on Palantir Technologies from $158.00 to $177.00 and gave the company a “neutral” rating in a report on Tuesday. Mizuho raised Palantir Technologies from an “underperform” rating to a “neutral” rating and increased their price target for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $170.00 price target on shares of Palantir Technologies in a report on Monday. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $122.20.

Insider Buying and Selling at Palantir Technologies

In other news, insider Ryan D. Taylor sold 35,480 shares of the firm’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $4,484,317.20. Following the completion of the transaction, the insider directly owned 367,691 shares in the company, valued at $46,472,465.49. This trade represents a 8.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Shyam Sankar sold 405,000 shares of the firm’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total value of $53,492,400.00. Following the transaction, the insider owned 702,786 shares of the company’s stock, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,485,632 shares of company stock valued at $191,222,623. Corporate insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Northern Trust Corp grew its stake in Palantir Technologies by 0.3% during the 1st quarter. Northern Trust Corp now owns 19,553,438 shares of the company’s stock worth $1,650,310,000 after purchasing an additional 64,973 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Palantir Technologies during the 2nd quarter worth $2,543,888,000. Invesco Ltd. grew its stake in Palantir Technologies by 20.3% during the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company’s stock worth $1,497,843,000 after purchasing an additional 2,998,716 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Palantir Technologies by 38.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company’s stock worth $1,281,205,000 after purchasing an additional 4,221,392 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Palantir Technologies by 4.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,614,399 shares of the company’s stock worth $1,149,055,000 after purchasing an additional 571,544 shares in the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Stock Performance

The stock has a market capitalization of $408.90 billion, a price-to-earnings ratio of 577.59, a PEG ratio of 13.70 and a beta of 2.60. The company has a 50 day moving average of $142.12 and a 200 day moving average of $113.60.

About Palantir Technologies

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.