Palantir Technologies Inc . (NYSE:PLTR) director Alexander D. Moore has sold a significant portion of his holdings in the company, according to a recent SEC filing. The transactions, which took place on June 10, involved the sale of 20,422 shares of Class A common stock at an average price of $22.9432, totaling approximately $468,546.
The sales were executed in multiple transactions in the open market, with prices ranging from $22.73 to $23.13. This weighted average sale price reflects the aggregate of trades within that price range. Moore, who serves on the board of directors for Palantir, conducted the sales under a pre-arranged Rule 10b5-1 trading plan, which was established on November 30, 2023.
In addition to the sales, the SEC filing also noted an acquisition of 12,610 restricted stock units (RSUs) by Moore on June 6, which were granted as part of an annual award for his service on Palantir's board. These RSUs are contingent rights to receive shares of Palantir's Class A common stock, subject to time-based vesting schedules and continuous service as a board member.
Following the reported transactions, Moore's ownership in Palantir stands at 1,587,707 shares of Class A common stock. The company, known for its specialized software and services in data analysis, has not commented on the transactions.
Investors and interested parties can refer to the SEC's Form 4 filing for additional details regarding Moore's stock and equity holdings in Palantir, including the company's Proxy Statement filed on April 26, 2024. The Form 4 provides a snapshot of the reported transactions and is part of the public record of insider trading activity.
In other recent news, Palantir Technologies Inc. has made significant strides in the AI field and secured substantial contracts. The company is set to unveil its latest AI platform developments at the upcoming AIPCon, including the introduction of the Palantir Developer Community. The Department of Defense Chief Digital and Artificial Intelligence Office (CDAO) awarded a major contract to Palantir's subsidiary, Palantir USG, Inc., potentially extending up to $480 million over five years, aimed at integrating AI into U.S. military operations.
Moreover, Palantir secured a $480 million contract with the U.S. Department of Defense to develop the Maven Smart System, designed to enhance the capabilities of intelligence analysts. The company also expanded its partnership with Eaton (NYSE:ETN), a global power management company, aiming to integrate Palantir's AI Platform into Eaton's operations.
In the investment realm, Cathie Wood's ARK ETFs added a total of 1,353,667 Palantir shares across its ETFs, indicating a bullish stance on the firm. Simultaneously, DA Davidson raised its price target on Palantir's shares to $24, up from the previous $19, following the company's robust first-quarter results for the fiscal year 2024. These are the recent developments for Palantir Technologies Inc.
InvestingPro Insights
Amidst the recent insider trading activity at Palantir Technologies Inc. (NYSE:PLTR), investors are keenly observing the company's financial health and market performance. According to InvestingPro data, Palantir boasts a robust gross profit margin of 81.16% for the last twelve months as of Q1 2024, underscoring the company's efficiency in managing its cost of goods sold relative to its revenue which stood at $2.334 billion. This impressive margin is reflective of Palantir's specialized software offerings and its ability to maintain profitability in its operations.
Furthermore, Palantir's stock has experienced significant returns, with a 5.48% increase over the last week and an even more substantial 13.16% rise over the past month. These trends suggest a positive investor sentiment and a potentially favorable outlook for the company's share price in the near term. The market capitalization of Palantir is currently valued at $51.51 billion, indicating the substantial size and influence of the company within its industry.
For those looking to delve deeper into Palantir's financials and market performance, InvestingPro offers additional insights. Notably, the platform highlights that Palantir holds more cash than debt on its balance sheet and that net income is expected to grow this year. These InvestingPro Tips provide a glimpse into Palantir's financial stability and prospects for future profitability. Interested parties can explore further by visiting InvestingPro, which features a total of 21 tips for a comprehensive analysis. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering valuable insights for informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.