Palantir Technologies (NASDAQ:PLTR) Trading Down 1.7% – Here’s Why

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) were down 1.7% during mid-day trading on Thursday . The company traded as low as $72.42 and last traded at $74.32. Approximately 32,575,538 shares were traded during trading, a decline of 47% from the average daily volume of 61,704,551 shares. The stock had previously closed at $75.63.

Analysts Set New Price Targets

Several brokerages recently commented on PLTR. UBS Group assumed coverage on shares of Palantir Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $80.00 target price on the stock. Baird R W raised Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Northland Securities upped their target price on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Robert W. Baird initiated coverage on Palantir Technologies in a report on Thursday, December 12th. They set a “neutral” rating and a $70.00 price target on the stock. Finally, Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Six research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $41.00.

Palantir Technologies Trading Up 6.3 %

The firm’s 50-day moving average price is $66.28 and its 200 day moving average price is $44.12. The company has a market cap of $181.99 billion, a price-to-earnings ratio of 399.47, a P/E/G ratio of 10.18 and a beta of 2.87.

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

Insider Activity at Palantir Technologies

In related news, insider Stephen Andrew Cohen sold 416,053 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $74.17, for a total value of $30,858,651.01. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $43,908.64. This trade represents a 99.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 7,321 shares of the business’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $43.90, for a total value of $321,391.90. Following the sale, the director now directly owns 138,304 shares of the company’s stock, valued at $6,071,545.60. This represents a 5.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,160,723 shares of company stock valued at $1,408,158,941 in the last three months. Corporate insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors have recently bought and sold shares of PLTR. Franchise Capital Ltd purchased a new position in Palantir Technologies during the 4th quarter worth $3,601,000. GAMMA Investing LLC boosted its holdings in Palantir Technologies by 124.8% during the fourth quarter. GAMMA Investing LLC now owns 12,843 shares of the company’s stock worth $971,000 after purchasing an additional 7,130 shares during the last quarter. Versant Capital Management Inc grew its position in Palantir Technologies by 52.6% in the 4th quarter. Versant Capital Management Inc now owns 4,480 shares of the company’s stock worth $339,000 after purchasing an additional 1,544 shares in the last quarter. Principal Financial Group Inc. grew its position in Palantir Technologies by 226.2% in the 3rd quarter. Principal Financial Group Inc. now owns 2,839,680 shares of the company’s stock worth $105,636,000 after purchasing an additional 1,969,213 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its stake in Palantir Technologies by 943.2% in the 3rd quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock valued at $122,788,000 after buying an additional 2,984,348 shares during the last quarter. Institutional investors 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.