Palantir Technologies (NYSE:PLTR) Shares Down 0.9%

Palantir Technologies Inc. (NYSE:PLTR)’s stock price was down 0.9% on Wednesday . The stock traded as low as $36.38 and last traded at $36.55. Approximately 17,679,189 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 57,404,324 shares. The stock had previously closed at $36.90.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Argus started coverage on shares of Palantir Technologies in a research report on Monday, June 17th. They issued a “buy” rating and a $29.00 price objective on the stock. Jefferies Financial Group raised their price objective on shares of Palantir Technologies from $24.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Monness Crespi & Hardt reduced their target price on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research note on Tuesday, August 6th. Northland Securities initiated coverage on Palantir Technologies in a report on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 price objective for the company. Finally, Raymond James cut Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and an average target price of $26.79.

Palantir Technologies Price Performance

The company has a 50-day moving average price of $30.92 and a 200 day moving average price of $26.07. The firm has a market capitalization of $82.39 billion, a PE ratio of 304.61 and a beta of 2.72.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The business had revenue of $678.13 million during the quarter, compared to the consensus estimate of $653.23 million. During the same quarter in the previous year, the company earned $0.01 earnings per share. The company’s revenue for the quarter was up 27.2% compared to the same quarter last year. As a group, research analysts anticipate that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Insider Activity

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 2,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $28.97, for a total value of $57,940.00. Following the completion of the transaction, the director now owns 69,039 shares in the company, valued at $2,000,059.83. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director Lauren Elaina Friedman Stat sold 2,000 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $28.97, for a total value of $57,940.00. Following the completion of the transaction, the director now directly owns 69,039 shares of the company’s stock, valued at approximately $2,000,059.83. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Eric H. Woersching sold 3,026 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $28.00, for a total transaction of $84,728.00. Following the completion of the transaction, the director now directly owns 29,817 shares in the company, valued at $834,876. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,383,238 shares of company stock worth $190,231,672. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLTR. Vanguard Group Inc. grew its position in shares of Palantir Technologies by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after buying an additional 3,029,317 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Palantir Technologies by 15.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after purchasing an additional 1,980,495 shares during the period. ARK Investment Management LLC increased its stake in Palantir Technologies by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after buying an additional 277,623 shares during the period. Legal & General Group Plc increased its stake in shares of Palantir Technologies by 1.4% during the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after acquiring an additional 167,030 shares during the period. Finally, Nikko Asset Management Americas Inc. lifted its holdings in shares of Palantir Technologies by 19.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock valued at $226,180,000 after buying an additional 1,580,548 shares during the period. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Company Profile

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.