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Palantir Stock Price Hits 52Wk High as Mizuho Ups Price Target & Cathie Wood Adds

Analyst Team trader
Updated 8 Mar 2024

Following on from Wednesdays coverage of Palantir clinching an army contract, and AIPCon, PLTR continues to push upwards, remaining near the forefront of investors' attention.

In what marked a significant milestone for Palantir Technologies Inc. (NYSE: PLTR), the company's shares reached a new 52-week high on Thursday following an optimistic move by analysts at Mizuho, who increased their price target on the stock from $18.00 to $21.00. The bullish sentiment surrounding the data analytics firm saw the stock trading soaring as high as $27.50 and eventually closing the day at $26.46 with a substantial volume changing hands.


The latest price target uplift by Mizuho seems to hint at a growing confidence in the company's growth prospects, despite a backdrop of mixed reviews from the analyst community. Ratings for the shares of Palantir Technologies have been diverse, with recommendations spanning across the spectrum from “sell” to “buy.” Consensus from the 13 analysts on TipRanks has an average PT of $19.18, and a high of $30. 6 holds, 2 buys, and 5 sell ratings only add to some of the confusion but is this likely to change in the near future?

Amid this analyst scrutiny, insider activity at the company has been on the radar. Noteworthy transactions included the sale of 150,000 shares by insider Ryan D. Taylor, hinting at a possible realignment of interests within the company’s leadership.

The investment landscape has also shown significant movement, as hedge funds reported adjustments to their stakes in Palantir, with some increasing their holdings, suggesting a bolstering of institutional support and potential anticipation of long-term value. Notably, as earlier reported, Cathie Wood's Ark fund also adds to its' Palantir holdings.

Palantir Technologies features on many watchlists, and now brandishes a market capitalization of $58.55 billion, commanding a PE ratio of 294.00 and a beta of 2.81. These figures reflect a company of considerable size and volatility compared to the larger market.

This American software company, which provides robust platforms like Palantir Gotham for the U.S. intelligence community to assist in counterterrorism, has been a critical player in the field of data intelligence and analytics.

While recent earnings may have disappointed some, the capabilities offered by Palantir Gotham, which analyzes vast datasets to uncover hidden patterns with wide-ranging applications in intelligence, remain crucial to clients in both government and commercial sectors.

How high can Palantir shares go, and will they get to the top end of analysts is the question many want answers to. If current momentum is anything to go by, there may well be more price target adjustments to the upside coming in the not too distant future. Support from big funds will certainly not the company any harm

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The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.