The Vanguard Group, Inc. recently announced the acquisition of new stake in Palantir Technologies Inc (NYSE:PLTR). The institutional investor has increased its shareholding in the Technology company by 11.34% to 183.17 million shares with purchase of 18.65 million shares. This fresh investment now brings its stake to 8.85% valued currently at $3.67 billion. In addition, BlackRock Fund Advisors raised its holdings by 2.39 million to 83.01 million shares. And Renaissance Technologies LLC has lifted its position by 9.56% or 3.81 million shares – to 43.6 million shares.
With over 33.54 million Palantir Technologies Inc (PLTR) shares trading Friday and a closing price of $17.41 on the day, the dollar volume was approximately $583.91 million. The shares have shown a positive half year performance of 24.89% and its price on 12/22/23 lost nearly -1.02%. Currently, there are 2.00B common shares owned by the public and among those 1.83B shares have been available to trade.
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Insiders at the company have transacted a total of 117 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 10,260,459 shares. Insider sales of the common stock occurred on 87 occasions, with total insider shares sold totaling 9,515,273 shares.
The top 3 mutual fund holders in Palantir Technologies Inc are Vanguard Total Stock Market ETF, Vanguard Mid Cap Index Fund, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market ETF owns 60.98 million shares of the company’s stock, all valued at over $1.22 billion. The company bought an additional 0.13 million shares recently to bring their total holdings to about 2.95% of the shares outstanding. Vanguard Mid Cap Index Fund bought 0.12 million shares to see its total holdings expand to 43.9 million shares valued at over $880.28 million and representing 2.12% of the shares outstanding. Vanguard Extended Market Index Fu bought 0.45 million shares to bring its total holdings to over 27.13 million shares at a value of $543.88 million. Vanguard Extended Market Index Fu now owns shares totaling to 1.31% of the shares outstanding.
Shares of Palantir Technologies Inc (NYSE: PLTR) opened at $17.70, up $0.11 from a prior closing price of $17.59. However, the script later moved the day high at 17.70, down -1.02%. The company’s stock has a 5-day price change of -4.34% and 22.43% over the past three months. PLTR shares are trading 171.18% year to date (YTD), with the 12-month market performance up to 167.85% higher. It has a 12-month low price of $5.84 and touched a high of $21.85 over the same period. PLTR has an average intraday trading volume of 62.86 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -5.16%, -3.55%, and 20.92% respectively.
Institutional ownership of Palantir Technologies Inc (NYSE: PLTR) shares accounts for 37.90% of the company’s 2.00B shares outstanding. Mutual fund holders own 21.14%, while other institutional holders and individual stakeholders account for 8.65% and 18.77% respectively.
It has a market capitalization of $37.88B and a beta (3y monthly) value of 2.69. The stock’s trailing 12-month PE ratio is 269.09, while the earnings-per-share (ttm) stands at $0.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.95% over the week and 3.92% over the month.
Analysts forecast that Palantir Technologies Inc (PLTR) will achieve an EPS of $0.07 for the current quarter, $0.07 for the next quarter and $0.29 for 2024. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.09. Comparatively, EPS for the current quarter was $0.04 a year ago. Earnings per share for the fiscal year are expected to increase by 310.82%, and 19.65% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Palantir Technologies Inc (PLTR) as a “Hold” at a consensus score of 3.21. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 7 of the 19 advise that investors “hold,” and 6 rated it as a “Sell.”
Looking at the support for the PLTR, a number of firms have released research notes about the stock. HSBC Securities stated their Hold rating for the stock in a research note on September 15, 2023, with the firm’s price target at $16.
