Palantir Technologies Inc. (NYSE:PLTR) Receives Consensus Recommendation of “Reduce” from Brokerages

Palantir Technologies Inc. (NYSE:PLTR) has been given a consensus rating of “Reduce” by the sixteen research firms that are presently covering the firm, MarketBeat Ratings reports. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $31.71.

PLTR has been the topic of several research reports. Wedbush raised their price objective on Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $9.00 price objective on shares of Palantir Technologies in a report on Tuesday, August 6th. Raymond James lowered Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. The Goldman Sachs Group raised their price objective on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Jefferies Financial Group downgraded shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price for the company. in a research note on Thursday, November 7th.

Palantir Technologies Price Performance

NYSE:PLTR opened at $65.77 on Friday. The firm has a market capitalization of $147.29 billion, a PE ratio of 328.87 and a beta of 2.70. The business’s fifty day moving average price is $43.19 and its 200 day moving average price is $32.01. Palantir Technologies has a 12 month low of $15.66 and a 12 month high of $66.00.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 earnings per share. As a group, equities analysts anticipate that Palantir Technologies will post 0.21 EPS for the current year.

Insider Activity at Palantir Technologies

In other news, insider Alexander C. Karp sold 1,823,602 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $63.12, for a total transaction of $115,105,758.24. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $406,004,124.96. This trade represents a 22.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 6,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.35, for a total transaction of $218,100.00. Following the sale, the director now owns 152,280 shares of the company’s stock, valued at approximately $5,535,378. The trade was a 3.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 31,562,840 shares of company stock worth $1,435,787,316 over the last 90 days. Company insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. Summit Securities Group LLC acquired a new stake in shares of Palantir Technologies during the 2nd quarter valued at approximately $25,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Palantir Technologies during the 2nd quarter worth approximately $25,000. Northwest Investment Counselors LLC purchased a new position in shares of Palantir Technologies during the 3rd quarter worth approximately $25,000. Prestige Wealth Management Group LLC increased its stake in shares of Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after purchasing an additional 650 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies in the 2nd quarter worth approximately $30,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

About Palantir Technologies

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