PLTR Stock Forecast: Shares rise 6.5% following Mizuho’s price target increase!
Palantir Technologies Inc. (PLTR:NYE) witnessed a notable uptick in its stock price, surging 6.5% during Monday’s trading session after Mizuho upgraded its price target on the company from $8.00 to $14.00. PLTR stock reached a high of $17.53 and closed at $17.46, with a trading volume of 34,531,410 shares, 39% lower than the average session volume of 56,148,762 shares. Prior to the surge, PLTR stock had last closed at $16.40.
PLTR Stock Forecast-Analyst Boosts Price Target:
Mizuho’s price target upgrade reflects growing optimism surrounding the PLTR stock forecast. Other research analysts have also revised their price targets, with Deutsche Bank increasing it from $6.00 to $7.00, and Jefferies Financial Group from $10.00 to $14.00.
Raymond James, previously rating the stock as “strong-buy,” changed it to “outperform” and raised the price target from $15.00 to $18.00. Similarly, Bank of America raised its price objective from $13.00 to $18.00, providing the stock with a “buy” rating. Despite some sell ratings, Stock Target Advisor shows PLTR stock forecast with an average “Hold” rating and a consensus price target of $10.06.
Insider Activities and Institutional Trading:
In insider news, Director Alexander D. Moore sold a significant number of shares on various occasions, the most recent being 37,076 shares at an average price of $15.38. Director Moore currently holds 1,808,819 shares of PLTR stock valued at $27,819,636.22.
Several hedge funds have recently altered their positions in PLTR. Close Asset Management Ltd, Manchester Capital Management LLC, Resurgent Financial Advisors LLC, Laffer Tengler Investments, and HHM Wealth Advisors LLC are among those increasing their stakes in Palantir Technologies.
PLTR Stock Performance:
The stock’s 50-day simple moving average stands at $13.99, while the two-hundred-day simple moving average is $10.02. Palantir Technologies boasts a market capitalization of $36.84 billion and has a price-to-earnings ratio of -133.69, along with a PEG ratio of 5.77 and a beta of 2.69.
PLTR Stock-Recent Earnings Report:
In its last quarterly earnings report on May 8th, Palantir Technologies posted earnings per share of $0.01, with revenue amounting to $525.19 million, surpassing analysts’ expectations of $504.84 million.
As the company continues to gain traction and generate interest from analysts and investors, market participants are keenly observing its performance and future growth prospects.
Company Profile:
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 that 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.
It also offers Palantir Foundry, a platform that transforms the ways organizations operate by creating a central operating system for their data; and allows individual users to integrate and analyze the data they need in one place. In addition, it provides Palantir Apollo, a software that enables customers to deploy their own software virtually in any environment. Palantir Technologies Inc. was incorporated in 2003 and is based in Denver, Colorado.
