Earned Wealth Advisors LLC has decreased its shareholding in Palantir Technologies Inc. by 6.3% during the second quarter of 2023. According to the firm’s latest filing with the Securities and Exchange Commission (SEC), Earned Wealth Advisors now owns 6,193 shares of Palantir after selling 414 shares during the period, with the total value of its holdings at approximately $844,000.
Other institutional investors have also adjusted their positions in Palantir. For instance, Mechanics Financial Corp acquired a new stake valued at $25,000 in the first quarter, while Signature Resources Capital Management LLC made a similar investment in the second quarter. Wealth Preservation Advisors LLC and 1248 Management LLC both purchased stakes worth around $27,000 in the same quarter. Currently, institutional investors collectively hold 45.65% of the company’s stock.
Stock Performance and Insider Activity
As of the latest trading session, shares of Palantir opened at $194.55. The company’s stock has shown significant movement over the past year, reaching a low of $40.90 and a high of $199.85. With a market capitalization of $461.54 billion, Palantir’s price-to-earnings ratio stands at 648.52, reflecting substantial investor interest.
Insider trading activity has also been noteworthy. On August 20, Stephen Andrew Cohen sold 191,720 shares at an average price of $151.37, totaling approximately $29,020,656.40. Following this transaction, Cohen retained 592 shares, valued at around $89,611.04, indicating a significant reduction in his position by 99.69%.
Additionally, on September 5, Ryan D. Taylor sold 36,048 shares for about $5,708,200.80. After this sale, Taylor owned 307,470 shares, valued at approximately $48,687,874.50, marking a 10.49% decrease in his ownership. Over the past three months, insiders have sold a total of 1,557,750 shares valued at approximately $239,713,896, with insiders currently holding 9.23% of the company’s stock.
Analyst Ratings and Future Outlook
Wall Street analysts have varied opinions about Palantir. Recently, Deutsche Bank Aktiengesellschaft upgraded its rating from “sell” to “hold,” increasing its price target from $80.00 to $160.00. Conversely, Wall Street Zen downgraded its rating from “buy” to “hold” as of August 30. Citigroup raised its target from $177.00 to $190.00, maintaining a “neutral” rating. DA Davidson set a target price of $170.00, while Mizuho established a price objective of $165.00.
Currently, five analysts rate Palantir as a “buy,” while fifteen recommend a “hold,” and two suggest a “sell.” According to data from MarketBeat.com, the consensus rating remains “hold” with an average price target of $142.00.
Palantir Technologies, Inc. specializes in developing software platforms that act as central operating systems for various clients, operating through both commercial and government segments. The commercial division serves non-government entities, while the government division focuses on clients including the United States government and international agencies.
For those interested in further financial insights, including hedge fund activities related to Palantir, updated filings and insider trades can be accessed via HoldingsChannel.com.
