Palantir Technologies (NASDAQ:PLTR) Stock Price Up 3.3% After Earnings Beat

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price rose 3.3% during mid-day trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $207.52 and last traded at $207.18. Approximately 69,984,958 shares traded hands during mid-day trading, a decline of 16% from the average daily volume of 83,203,445 shares. The stock had previously closed at $200.47.

The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $939.29 million. During the same period in the prior year, the firm earned $0.09 earnings per share. Palantir Technologies’s revenue was up 48.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

PLTR has been the subject of a number of research reports. The Goldman Sachs Group increased their price target on shares of Palantir Technologies from $90.00 to $141.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 6th. Royal Bank Of Canada reissued an “underperform” rating on shares of Palantir Technologies in a research note on Tuesday, October 28th. Wedbush set a $200.00 price objective on shares of Palantir Technologies and gave the stock an “outperform” rating in a report on Tuesday, August 5th. Morgan Stanley set a $155.00 price objective on shares of Palantir Technologies and gave the stock an “equal weight” rating in a report on Tuesday, August 5th. Finally, Wall Street Zen cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Saturday, August 30th. Five investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Palantir Technologies has an average rating of “Hold” and a consensus target price of $142.00.

Insider Activity

In other news, insider Shyam Sankar sold 30,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $159.55, for a total transaction of $4,786,500.00. Following the sale, the insider owned 702,786 shares in the company, valued at $112,129,506.30. This represents a 4.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David A. Glazer sold 81,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $154.47, for a total transaction of $12,512,070.00. Following the sale, the insider owned 431,169 shares in the company, valued at approximately $66,602,675.43. The trade was a 15.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 1,527,750 shares of company stock valued at $234,463,896. Company insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors have recently made changes to their positions in the company. Mechanics Financial Corp purchased a new stake in Palantir Technologies in the first quarter worth approximately $25,000. Signature Resources Capital Management LLC purchased a new stake in Palantir Technologies in the second quarter worth approximately $25,000. Wealth Preservation Advisors LLC purchased a new stake in Palantir Technologies in the first quarter worth approximately $27,000. 1248 Management LLC purchased a new stake in Palantir Technologies in the first quarter worth approximately $27,000. Finally, Briaud Financial Planning Inc purchased a new stake in Palantir Technologies in the second quarter worth approximately $27,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Up 3.3%

The company’s fifty day moving average is $175.75 and its 200-day moving average is $151.99. The company has a market cap of $491.50 billion, a PE ratio of 690.62, a PEG ratio of 10.87 and a beta of 2.63.

Palantir Technologies Company Profile

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.