Palantir Technologies (NYSE:PLTR) Shares Down 1.3% Following Insider Selling

Shares of Palantir Technologies Inc. (NYSE:PLTR) fell 1.3% on Tuesday after an insider sold shares in the company. The stock traded as low as $58.70 and last traded at $59.45. 26,311,479 shares traded hands during trading, a decline of 54% from the average session volume of 57,650,754 shares. The stock had previously closed at $60.24.

Specifically, Director Lauren Elaina Friedman Stat sold 8,860 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $58.06, for a total value of $514,411.60. Following the sale, the director now directly owns 121,390 shares of the company’s stock, valued at approximately $7,047,903.40. This represents a 6.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $55.03, for a total transaction of $247,635,000.00. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $353,967,157.74. This trade represents a 41.16 % decrease in their position. The disclosure for this sale can be found here. In other Palantir Technologies news, insider Heather A. Planishek sold 20,000 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $49.96, for a total value of $999,200.00. Following the completion of the transaction, the insider now owns 562,006 shares in the company, valued at approximately $28,077,819.76. This represents a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Analyst Ratings Changes

PLTR has been the subject of a number of analyst reports. DA Davidson upped their price objective on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Raymond James downgraded shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. Monness Crespi & Hardt decreased their price objective on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a research report on Tuesday, August 6th. Northland Securities upped their price objective on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. Finally, Northland Capmk upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Trading Down 2.5 %

The stock’s fifty day moving average price is $41.90 and its 200-day moving average price is $31.45. The firm has a market cap of $132.53 billion, a price-to-earnings ratio of 295.61 and a beta of 2.70.

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

Hedge Funds Weigh In On Palantir Technologies

Institutional investors have recently modified their holdings of the business. Summit Securities Group LLC purchased a new stake in Palantir Technologies in the second quarter valued at $25,000. Farmers & Merchants Investments Inc. acquired a new position in Palantir Technologies in the second quarter valued at $25,000. Northwest Investment Counselors LLC acquired a new position in Palantir Technologies in the third quarter valued at $25,000. University of Texas Texas AM Investment Management Co. acquired a new position in Palantir Technologies in the second quarter valued at $30,000. Finally, Beacon Capital Management LLC increased its stake in Palantir Technologies by 269.5% in the first quarter. Beacon Capital Management LLC now owns 1,515 shares of the company’s stock valued at $35,000 after purchasing an additional 1,105 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.