Palantir Technologies (NASDAQ:PLTR) Trading Down 3% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price fell 3% on Tuesday . The company traded as low as $71.70 and last traded at $73.49. 29,583,064 shares were traded during mid-day trading, a decline of 51% from the average session volume of 60,109,707 shares. The stock had previously closed at $75.75.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PLTR shares. Bank of America raised their price objective on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 25th. UBS Group assumed coverage on Palantir Technologies in a research report on Thursday. They set a “neutral” rating and a $80.00 price target on the stock. Northland Securities upped their price objective on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Wedbush raised their target price on Palantir Technologies from $57.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. Finally, Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies has a consensus rating of “Hold” and an average target price of $41.00.

Palantir Technologies Price Performance

The stock’s 50-day moving average price is $57.71 and its 200 day moving average price is $39.61. The firm has a market cap of $169.05 billion, a P/E ratio of 371.07, a price-to-earnings-growth ratio of 10.18 and a beta of 2.87.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 EPS. As a group, analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 10,721 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $76.78, for a total transaction of $823,158.38. Following the completion of the sale, the director now directly owns 100,923 shares in the company, valued at approximately $7,748,867.94. This trade represents a 9.60 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heather A. Planishek sold 20,000 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $39.95, for a total value of $799,000.00. Following the transaction, the insider now owns 562,006 shares in the company, valued at $22,452,139.70. The trade was a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,612,366 shares of company stock worth $1,867,342,292 in the last 90 days. Company insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PLTR. Charles Schwab Investment Management Inc. boosted its holdings in Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. State of Alaska Department of Revenue increased its position in Palantir Technologies by 22.9% in the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock worth $13,786,000 after buying an additional 68,945 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in Palantir Technologies by 19.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock valued at $20,146,000 after acquiring an additional 87,062 shares during the period. Tyler Stone Wealth Management raised its position in shares of Palantir Technologies by 97.9% in the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock valued at $7,515,000 after purchasing an additional 99,921 shares during the period. Finally, Coldstream Capital Management Inc. purchased a new stake in shares of Palantir Technologies during the third quarter worth $639,000. Institutional investors and hedge funds own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.