DA Davidson Projects Significant Price Growth for Palantir Technologies Stock

In a recent report, DA Davidson has raised its price target for Palantir Technologies (NYSE:PLTR) from $28.00 to $47.00. The firm has assigned a "neutral" rating to the stock, indicating that they see limited potential for growth from its current price point.

DA Davidson's updated target price suggests a potential decline of about 8.11% from where Palantir Technologies is currently trading.

Analysts Weigh In

Other research firms have also provided their assessments of Palantir in the past week. For instance, Mizuho increased their target price from $30.00 to $37.00 but rated the stock as "underperform." Deutsche Bank raised its price target from $20.00 to $21.00, also giving it a "sell" rating.

Monness Crespi & Hardt lowered their price target from $20.00 to $18.00, maintaining a "sell" rating, while the Royal Bank of Canada reiterated a "underperform" rating with a significantly reduced target of $9.00. Jefferies Financial Group also raised their target from $24.00 to $28.00, providing a "hold" rating.

Overall, analysts' ratings reflect a mixed sentiment towards Palantir Technologies. Currently, five analysts provide sell ratings, eight offer hold ratings, and three recommend the stock as a buy, leading to a consensus rating of "Hold" with an average target price of $29.93.

Palantir Technologies Stock Performance

On the trading day following the report, shares of Palantir Technologies jumped by $9.74 to reach a price of $51.15. The stock traded with a volume of 208,366,442 shares, significantly exceeding its average trading volume of 56,879,281 shares.

Over the last year, Palantir's stock has seen a low of $15.66 and a high of $51.58. The current 50-day and 200-day moving averages stand at $38.19 and $29.75, respectively. The company boasts a market cap of $114.55 billion and a price-to-earnings ratio of 300.90, which may suggest high market expectations for future earnings.

Recent Earnings Report

Palantir Technologies recently released its quarterly earnings on November 4. The company announced earnings per share (EPS) of $0.10, surpassing the consensus estimate of $0.09 by $0.01. In terms of revenue, Palantir reported $725.52 million, exceeding the anticipated $705.11 million. This represented a 30% growth compared to the same quarter last year, when the company had EPS of $0.03.

Looking ahead, analysts project that Palantir Technologies will deliver an EPS of 0.19 for the current fiscal year.

Insider Activity

Recently, insider trading activity has also been notable. Alexander C. Karp, the CEO, sold 3,337,048 shares at an average price of $45.02 on October 28, totaling approximately $150.2 million. Following this sale, Karp still owns around 6.4 million shares. Additionally, Director Alexander D. Moore sold 20,000 shares at $30.89 each on September 3, contributing a total of $617,800.

Institutional Investor Movements

In recent months, several institutional investors have modified their holdings in Palantir Technologies. Aptus Capital Advisors boosted its stake by 3.5% in the third quarter, while other firms like Aigen Investment Management and Prime Capital Investment Advisors have acquired new positions or adjusted existing ones. Currently, approximately 45.65% of Palantir's stock is held by hedge funds and institutional investors.

About Palantir Technologies

Palantir Technologies Inc. specializes in developing software platforms tailored for the intelligence community, aiding in counterterrorism and operations both in the United States and globally. One of their primary products is Palantir Gotham, a software that helps analysts uncover hidden patterns within vast datasets, enhancing operational effectiveness in response to identified threats.

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