Palantir Technologies (NASDAQ:PLTR) Stock Price Down 0.7% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 0.7% during mid-day trading on Monday . The company traded as low as $76.83 and last traded at $79.36. Approximately 34,092,380 shares traded hands during trading, a decline of 37% from the average daily volume of 54,233,984 shares. The stock had previously closed at $79.89.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several research reports. Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price target on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. DA Davidson lifted their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Raymond James cut Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Finally, Bank of America lifted their price target on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Seven analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Palantir Technologies presently has an average rating of “Hold” and an average target price of $42.12.

Palantir Technologies Trading Down 5.3 %

The business’s 50 day simple moving average is $66.28 and its two-hundred day simple moving average is $44.38. The firm has a market capitalization of $172.31 billion, a PE ratio of 378.22, a price-to-earnings-growth ratio of 10.18 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last posted 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 analysts’ expectations of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 earnings per share. As a group, equities research analysts anticipate that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insider Activity at Palantir Technologies

In other news, insider Ryan D. Taylor sold 123,334 shares of Palantir Technologies stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $45.00, for a total transaction of $5,550,030.00. Following the transaction, the insider now directly owns 331,369 shares of the company’s stock, valued at $14,911,605. The trade was a 27.12 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 7,321 shares of the firm’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 transaction of $321,391.90. Following the sale, the director now owns 138,304 shares in the company, valued at approximately $6,071,545.60. The trade was a 5.03 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,160,723 shares of company stock worth $1,408,158,941. 12.93% of the stock is owned by company insiders.

Institutional Trading of Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the company. Farmers & Merchants Investments Inc. purchased a new stake in Palantir Technologies in the 2nd quarter worth $25,000. Northwest Investment Counselors LLC bought a new position in shares of Palantir Technologies in the third quarter worth about $25,000. Prestige Wealth Management Group LLC grew its position in shares of Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after purchasing an additional 650 shares in the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in Palantir Technologies during the 2nd quarter valued at approximately $30,000. Finally, Ashburton Jersey Ltd purchased a new position in Palantir Technologies in the 2nd quarter worth approximately $36,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.