Lauren Elaina Friedman, a director at Palantir Technologies Inc . (NYSE:PLTR), recently sold shares of the company's Class A common stock, according to a regulatory filing. The transaction, which took place on October 11, 2024, involved the sale of 7,321 shares at a price of $43.90 each, amounting to a total of $321,391. This sale was executed by Friedman's spouse under a Rule 10b5-1 trading plan, which had been established on August 19, 2023. Following the transaction, Friedman holds 138,304 shares indirectly through her spouse and 62,939 shares directly.
In other recent news, Palantir Technologies Inc. has experienced significant developments. The company's second-quarter fiscal year 2024 earnings saw a 27% year-over-year increase, totaling $678.1 million in revenue, leading to an upward revision of its full-year revenue guidance to $2.746 billion. In terms of contracts, Palantir secured a significant $99.8 million military AI contract expansion from the DEVCOM Army Research Laboratory and a multi-year contract with Nebraska Medicine to implement its AIP.
On the analyst front, Raymond James downgraded Palantir from Outperform to Market Perform, while BofA Securities maintained a Buy rating, and Citi reaffirmed a Neutral rating. In addition, Canaccord Genuity has maintained its Hold rating on Surf Air Mobility Inc, noting that Palantir Technologies has received approximately 1.3 million additional shares of Surf Air Mobility's common stock as part of their commercial agreement.
Palantir has also formed a strategic partnership with Edgescale AI Inc. to launch Live Edge, a platform that combines Palantir's Edge AI with Edgescale AI's infrastructure technology. Moreover, Palantir has been recognized for its achievements in the field of artificial intelligence and machine learning, earning top marks in the 2024 Wisdom of Crowds® Market Study by Dresner Advisory Services. These are the recent developments for Palantir Technologies Inc. and Surf Air Mobility Inc.
InvestingPro Insights
Palantir Technologies Inc. (NYSE:PLTR) has been experiencing significant market momentum, as evidenced by its recent stock performance and financial metrics. According to InvestingPro data, the company's stock has shown impressive returns, with a 150% price total return over the past year and a staggering 152.77% year-to-date return as of the latest data. This strong performance aligns with the recent insider sale by director Lauren Elaina Friedman, which occurred near the stock's 52-week high.
The company's financial health appears robust, with InvestingPro Tips highlighting Palantir's impressive gross profit margins, which stand at 81.39% for the last twelve months as of Q2 2024. This indicates strong pricing power and efficient cost management. Additionally, Palantir's revenue growth remains solid, with a 27.15% increase in the most recent quarter compared to the same period last year.
However, investors should note that Palantir is trading at a high earnings multiple, with a P/E ratio of 230.71. This suggests that the market has high growth expectations for the company, which is supported by the InvestingPro Tip indicating that net income is expected to grow this year.
For those interested in a deeper analysis, InvestingPro offers 23 additional tips on Palantir, providing a comprehensive view of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.