Graypoint LLC Makes $268,000 Investment in Palantir Technologies Inc. (NYSE:PLTR)

On November 10th, 2024, it was reported that Graypoint LLC has made a new investment in Palantir Technologies Inc. (NYSE:PLTR) during the third quarter of this year. The investment amounts to approximately $268,000, which allowed the firm to acquire 7,196 shares of Palantir’s stock.

Other institutional investors and hedge funds have also been active in modifying their positions in Palantir. For instance, the State of Alaska Department of Revenue increased its holdings by 22.9% in the recent quarter, purchasing an additional 68,945 shares. As a result, this department now owns 370,625 shares valued at roughly $13.79 million. In addition, Heritage Wealth Management Inc. and Cyndeo Wealth Partners LLC also established new stakes, valued at $1.08 million and $6.34 million, respectively. Another entity, Seven Grand Managers LLC, acquired a stake valued at $930,000, while Silvant Capital Management LLC raised its holdings by 28.2% and now owns shares worth approximately $8.61 million. Collectively, institutional investors hold about 45.65% of Palantir’s total stock.

Palantir Technologies Stock Performance

As of Friday, Palantir Technologies shares opened at $58.39. Over the past year, the stocks have experienced a low of $15.66 and a high of $58.48. The company, which has a market capitalization of $130.76 billion, shows a PE ratio of 291.96 and a beta of 2.70. Its 50-day moving average price stands at $40.13, while the two-hundred-day moving average is $30.59.

Palantir Technologies recently released its quarterly earnings report on November 4th, where it disclosed an earnings per share (EPS) of $0.10, surpassing analysts’ expectations of $0.09. The company recorded a revenue of $725.52 million, exceeding predictions of $705.11 million. This marks a significant 30% increase in revenue compared to the same quarter last year. Analysts are predicting an EPS of 0.19 for the upcoming year.

Insider Trading Activities

In related developments, insider activities at Palantir have also garnered attention. On September 16th, Director Lauren Elaina Friedman Stat sold 6,000 shares at an average price of $36.35, amounting to $218,100. Following this transaction, she retains 152,280 shares valued at approximately $5.54 million. Additionally, insider Alexander C. Karp sold 4.5 million shares on November 7th at an average price of $55.03, totaling around $247.64 million. Despite these sales, Karp still holds over 6.43 million shares of the company.

Analyst Updates on Palantir

Several analysts have revisited their ratings on Palantir Technologies recently. Notably, Wedbush raised its price target from $38.00 to $45.00, assigning an “outperform” rating. Citigroup also increased its target from $25.00 to $28.00, maintaining a “neutral” stance. On the other hand, Argus revised its recommendation from “buy” to “hold.” Mizuho adjusted its target up from $30.00 to $37.00 but retained an “underperform” rating. Meanwhile, The Goldman Sachs Group raised its price target from $16.00 to $41.00, still holding onto a “neutral” rating. Currently, the broader consensus among analysts suggests a “Hold” rating for Palantir with a target price of $31.71.

About Palantir Technologies

Palantir Technologies Inc. specializes in developing software platforms that aid in intelligence operations and counterterrorism efforts, both in the U.S. and globally. The company's flagship product, Palantir Gotham, empowers users to discover important patterns within complex datasets, enhancing the ability to plan and respond to identified threats effectively.

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