On October 11, 2023, it was reported that CWA Asset Management Group LLC reduced its holdings in Palantir Technologies Inc. (NYSE:PLTR) by 50.7% during the second quarter of the year. The company disclosed this information in its most recent filing with the Securities and Exchange Commission (SEC). After selling 280,045 shares during the quarter, CWA Asset Management Group LLC owned 272,390 shares of Palantir Technologies’ stock. These shares were valued at $4,176,000 as of the filing.
Palantir Technologies last released its earnings results on August 7th. According to these results, the company reported earnings per share (EPS) of $0.01 for the quarter, meeting analysts’ consensus estimates. Palantir Technologies also had a negative return on equity of 4.37% and a negative net margin of 2.35%. The business generated $533.32 million in revenue for the quarter, slightly lower than analysts’ expectations of $533.88 million. Research analysts predict that Palantir Technologies will post EPS of 0.07 for the current fiscal year.
Throughout recent times, there have been several analyst reports regarding PLTR shares. Raymond James raised their price target on Palantir Technologies from $18.00 to $22.00 and provided an “outperform” rating for the company in a research note released on August 8th. TheStreet upgraded Palantir Technologies from a “d” rating to a “c-” rating on September 29th, indicating some positive changes within the company’s performance.
However, Citigroup offered a different perspective by raising concerns about PLTR’s potential decline in value by increasing their price objective from $6.00 to $10.00 while giving it a “sell” rating back on August 7th Morgan Stanley also downplayed PLTR’s status by lowering their rating from “equal weight” to “underweight,” though they did raise their target price for the company from $8.00 to $9.00 on August 31st. Additional insights came from Mizuho, which elevated their price target on PLTR shares from $14.00 to $16.00 and provided a “neutral” rating on August 8th.
With six sell ratings, six hold ratings, and three buy ratings currently assigned to Palantir Technologies stock, it is evident that there is a varied range of opinions within the investment community. Based on data from Bloomberg.com, Palantir Technologies currently holds a consensus rating of “Hold,” with an average price target of $13.25.
Investors are advised to carefully consider the information presented in these reports and conduct independent research before making any investment decisions related to Palantir Technologies Inc. (NYSE:PLTR). The company’s performance and market outlook could be influenced by various factors, making it crucial for investors to stay informed about the latest developments and assessments regarding PLTR stock.
Growing Interest and Insider Activity Signal Potential for Palantir Technologies in the Technology Industry
In the ever-evolving world of technology, Palantir Technologies has been making waves with its innovative approach to data analytics. As of October 11, 2023, several large investors have made significant changes to their holdings in the company, indicating a growing interest in its potential.
Close Asset Management Ltd, Manchester Capital Management LLC, Resurgent Financial Advisors LLC, and Laffer Tengler Investments are among the investors who have recently acquired positions in Palantir Technologies. Ranging from acquisitions during the first quarter to the fourth quarter of previous years, these investments reflect a collective belief in the company’s trajectory. Close Asset Management Ltd’s acquisition, valued at approximately $28,000 during the first quarter of this year, exemplifies this sentiment.
Another noteworthy investor is HHM Wealth Advisors LLC, which raised its holdings in Palantir Technologies by a staggering 1,510.9% during the first quarter. This increase equated to owning 4,446 shares worth $38,000 after purchasing an additional 4,170 shares.
It is also important to note that institutional investors and hedge funds own a notable portion—34.21%—of Palantir Technologies’ stock. This indicates that established entities see value in investing in the company and further strengthens its market position.
In recent news related to Palantir Technologies’ stock dealings, Director Alexander D. Moore sold 21,900 shares on August 1st at an average price of $19.84 per share for a total transaction amounting to $434,496. Following this transaction, Moore now holds 1,786,919 shares valued at $35,452,472.96.
Additionally, insider Shyam Sankar concluded a significant sale of 1,967,500 shares on the same day at an average price of $20.00 per share. The total value of this transaction was an astounding $39,350,000. Sankar currently possesses 1,313,446 shares in the company worth $26,268,920.
These sales are part of a larger trend among Palantir Technologies’ insiders, with a total of 2,605,443 shares being sold by insiders in the past three months. The combined value of these sales amounts to an impressive $49,101,832. It is worth noting that these insider sales represent approximately 13.96% of the stock currently owned by insiders.
As for the stock performance itself, on October 11th, Palantir Technologies’ shares traded at $18.08. The company’s trading volume reached 18,167,799 shares on this day compared to its average volume of 58,419,625 shares. With a market capitalization of $38.90 billion and a price-to-earnings ratio of -593.33, Palantir Technologies’ stock remains volatile but represents substantial growth potential.
The stock’s 50-day moving average stands at $15.57 while its two-hundred-day moving average is slightly lower at $13.61. These figures demonstrate positive momentum for the stock in recent periods.
Palantir Technologies Inc.’s fifty-two-week low and high are recorded at $5.84 and $20.24 respectively. This wide range underscores the volatility and potential gains associated with investing in this technology-driven firm.
With increasing interest from large investors and notable insider activity involving significant share transactions, Palantir Technologies continues to attract attention within the investment community.