Wedbush Securities Inc. Reduces Position in Palantir Technologies Inc. (NYSE:PLTR)

Posted by Defense World Staff on Apr 19th, 2023

Wedbush Securities Inc. trimmed its holdings in Palantir Technologies Inc. (NYSE:PLTR – Get Rating) by 21.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,912 shares of the company’s stock after selling 11,566 shares during the quarter. Wedbush Securities Inc.’s holdings in Palantir Technologies were worth $275,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PLTR. Vanguard Group Inc. increased its holdings in shares of Palantir Technologies by 22.4% during the 1st quarter. Vanguard Group Inc. now owns 156,003,743 shares of the company’s stock worth $2,141,931,000 after buying an additional 28,563,749 shares during the last quarter. BlackRock Inc. raised its position in Palantir Technologies by 0.3% in the third quarter. BlackRock Inc. now owns 91,718,522 shares of the company’s stock valued at $745,670,000 after purchasing an additional 275,375 shares during the period. State Street Corp lifted its stake in shares of Palantir Technologies by 1.9% in the 3rd quarter. State Street Corp now owns 34,876,691 shares of the company’s stock valued at $283,547,000 after purchasing an additional 659,192 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Palantir Technologies by 17.5% during the 3rd quarter. Renaissance Technologies LLC now owns 33,130,047 shares of the company’s stock worth $269,347,000 after purchasing an additional 4,925,900 shares during the period. Finally, Two Sigma Investments LP increased its position in shares of Palantir Technologies by 28,558.7% during the 3rd quarter. Two Sigma Investments LP now owns 13,265,535 shares of the company’s stock worth $107,849,000 after purchasing an additional 13,219,247 shares during the last quarter. 31.90% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Trading Down 0.8 %

Shares of PLTR opened at $8.73 on Wednesday. Palantir Technologies Inc. has a 1 year low of $5.84 and a 1 year high of $13.33. The stock has a 50-day simple moving average of $8.28 and a 200-day simple moving average of $7.75.

Palantir Technologies (NYSE:PLTR – Get Rating) last posted its quarterly earnings results on Monday, February 13th. The company reported $0.04 EPS for the quarter, topping the consensus estimate of $0.03 by $0.01. Palantir Technologies had a negative net margin of 19.61% and a negative return on equity of 11.90%. The company had revenue of $508.62 million during the quarter, compared to analysts’ expectations of $504.84 million. During the same quarter in the previous year, the business posted $0.02 EPS. The firm’s revenue was up 17.5% on a year-over-year basis. As a group, equities analysts predict that Palantir Technologies Inc. will post 0.05 earnings per share for the current year.

Insider Buying and Selling

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 7,000 shares of the firm’s stock in a transaction on Wednesday, March 15th. The stock was sold at an average price of $7.85, for a total value of $54,950.00. Following the sale, the director now directly owns 206,830 shares in the company, valued at $1,623,615.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Alexander D. Moore sold 21,900 shares of the stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $8.35, for a total transaction of $182,865.00. Following the completion of the transaction, the director now directly owns 1,880,052 shares of the company’s stock, valued at approximately $15,698,434.20. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 7,000 shares of the stock in a transaction dated Wednesday, March 15th. The shares were sold at an average price of $7.85, for a total transaction of $54,950.00. Following the completion of the transaction, the director now owns 206,830 shares of the company’s stock, valued at approximately $1,623,615.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 206,462 shares of company stock worth $1,980,256. Corporate insiders own 13.22% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PLTR shares. Wolfe Research lowered shares of Palantir Technologies from a “peer perform” rating to an “underperform” rating and set a $4.50 target price for the company. in a research note on Wednesday, December 21st. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Palantir Technologies from $7.00 to $6.00 and set a “sell” rating for the company in a report on Monday, January 23rd. The Goldman Sachs Group decreased their price target on Palantir Technologies from $9.00 to $8.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 14th. William Blair reaffirmed an “underperform” rating on shares of Palantir Technologies in a research note on Monday, March 27th. Finally, Citigroup reiterated a “sell” rating and issued a $5.00 price objective on shares of Palantir Technologies in a report on Friday, February 3rd. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $8.85.

Palantir Technologies Profile

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