Insider Heather Planishek Just Bought Palantir Stock in a Record First for PLTR. Should You Buy Shares Now?
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Palantir (PLTR) opened comfortably in the green on Wednesday following news that Heather Planishek, its former chief accounting officer, has loaded up on shares of the big data analytics firm.
Planishek has reportedly invested $1.1 million in PLTR, which is meaningful given it’s the first insider buy for Palantir in history.
Including today’s gain, Palantir stock is up 70% in the year to date.
Why Is Planishek Buying Palantir Stock a Positive?
Heather Planishek’s recent purchase of PLTR shares is significant for investors as it indicates her confidence in the company’s financial health and its long-term prospects.
Insider buys are often seen as a signal that those with deeper knowledge of the company see value in its stock at current levels.
Additionally, large-scale insider moves can boost sentiment, potentially drawing more institutional and retail investors to the company’s stock.
That’s why investors are responding positively to the Planishek news this morning. In fact, they’ve sent the AI stock to a new all-time high on Wednesday.
PLTR Could Join the Trillion-Dollar Club Within a Few Years
Palantir stock has delivered over 1,485% in the past three years – but a senior Wedbush analyst remains convinced that it’s not too late to invest in PLTR, especially for the long term.
In a recent interview with CNBC, Dan Ives dubbed Palantir a “leader in AI revolution,” adding the big data analytics firm could join the trillion-dollar club within the next two to three years.
Ives currently has an “Outperform” rating on PLTR shares with a price target of $140, which signals potential upside of another 9% from here.
Ives reiterated his bullish view on the Nasdaq-listed firm last week after it reported a strong first quarter and raised its full-year guidance for adjusted free cash flow. Its recent NATO deal could help Palantir retain momentum as well, he added.
Other Wall Street Analysts Recommend Caution on Palantir
Other analysts are not as big a fan of Palantir shares, though.
Wall Street currently has a consensus “Hold” rating on PLTR stock with a mean target of $91 only, which indicates potential downside of nearly 30% from current levels.
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.