What's Going On With Palantir Stock Today?

Palantir Technologies, Inc. PLTR shares are trading lower on Tuesday after the company reported lower-than-expected second-quarter revenue.

The Details:

Palantir Technologies reported second-quarter revenue of $533.32 million and earnings of 5 cents per share. Palantir raised its full-year revenue guidance to "in excess of $2.212 billion" and stated that its board has authorized a $1 billion share repurchase program.

Several analysts updated their ratings and price targets for PLTR after the earnings were released:

• Wedbush analyst Daniel Ives reiterated Palantir Technologies with an Outperform and maintained the $25 price target.
• Raymond James analyst Brian Gesuale maintained Palantir with an Outperform and raised the price target from $18 to $22.
• Mizuho analyst Matthew Broome maintained Palantir Technologies with a Neutral and raised the price target from $14 to $16.
• Wolfe Research analyst Alex Zukin maintained Palantir with an Underperform and raised the price target from $6 to $7.50.

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Price Action: According to Benzinga Pro, shares of PLTR are more than 9% down at $16.36 at the time of publication.

Image: Courtesy of Palantir Technologies, Inc.