Palantir Technologies (NASDAQ:PLTR) Trading Down 2.1% – Should You Sell?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price dropped 2.1% on Wednesday . The company traded as low as $92.84 and last traded at $94.45. Approximately 30,151,258 shares were traded during trading, a decline of 55% from the average daily volume of 66,273,912 shares. The stock had previously closed at $96.50.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLTR. Mizuho lifted their price objective on Palantir Technologies from $44.00 to $80.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Robert W. Baird lifted their price target on Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. William Blair set a $84.00 price objective on Palantir Technologies in a research report on Wednesday, March 5th. Loop Capital dropped their target price on shares of Palantir Technologies from $141.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Finally, Bank of America increased their price target on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Five research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Palantir Technologies presently has a consensus rating of “Hold” and an average price target of $74.45.

Palantir Technologies Stock Down 2.8 %

The company’s fifty day moving average price is $91.70 and its two-hundred day moving average price is $68.69. The company has a market cap of $205.33 billion, a price-to-earnings ratio of 462.08, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81.

Insider Activity at Palantir Technologies

In other news, insider Stephen Andrew Cohen sold 310,000 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $87.07, for a total transaction of $26,991,700.00. Following the completion of the sale, the insider now owns 592 shares in the company, valued at $51,545.44. The trade was a 99.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Shyam Sankar sold 30,000 shares of Palantir Technologies stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $92.43, for a total value of $2,772,900.00. Following the completion of the sale, the insider now owns 702,786 shares of the company’s stock, valued at approximately $64,958,509.98. The trade was a 4.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,379,785 shares of company stock valued at $281,528,938 over the last ninety days. 12.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

Several large investors have recently bought and sold shares of the business. Prestige Wealth Management Group LLC lifted its stake in shares of Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares during the period. Roxbury Financial LLC bought a new stake in Palantir Technologies in the fourth quarter valued at about $27,000. First PREMIER Bank acquired a new position in Palantir Technologies in the fourth quarter valued at about $28,000. Wolff Wiese Magana LLC boosted its holdings in Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after buying an additional 265 shares during the last quarter. Finally, HighMark Wealth Management LLC grew its position in shares of Palantir Technologies by 73.5% during the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after buying an additional 166 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

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.