Palantir Technologies (NASDAQ:PLTR) Trading Down 2% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price fell 2% on Wednesday . The stock traded as low as $73.65 and last traded at $75.63. 56,009,578 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 61,704,551 shares. The stock had previously closed at $77.18.

Analyst Ratings Changes

PLTR has been the subject of several analyst reports. William Blair reiterated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. DA Davidson boosted their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Bank of America raised their price target on Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Robert W. Baird started coverage on Palantir Technologies in a research report on Thursday, December 12th. They set a “neutral” rating and a $70.00 price objective for the company. Finally, UBS Group initiated coverage on Palantir Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $80.00 target price on the stock. Six research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies has a consensus rating of “Hold” and a consensus price target of $41.00.

Palantir Technologies Trading Down 0.6 %

The company has a market capitalization of $171.28 billion, a PE ratio of 375.97, a P/E/G ratio of 10.18 and a beta of 2.87. The firm has a 50 day simple moving average of $64.95 and a two-hundred day simple moving average of $43.52.

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

Insider Transactions at Palantir Technologies

In related news, insider Stephen Andrew Cohen sold 450,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at $42,002.40. This represents a 99.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lauren Elaina Friedman Stat sold 7,321 shares of the stock in a transaction 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 completion of the transaction, the director now owns 138,304 shares of the company’s stock, valued at $6,071,545.60. The trade was a 5.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,160,723 shares of company stock worth $1,408,158,941 over the last ninety days. 12.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

Large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC increased its holdings in Palantir Technologies by 42.1% in the second quarter. Farther Finance Advisors LLC now owns 11,278 shares of the company’s stock valued at $292,000 after buying an additional 3,341 shares in the last quarter. Natixis Advisors LLC purchased a new stake in Palantir Technologies during the second quarter worth $274,000. CIBC Asset Management Inc boosted its position in Palantir Technologies by 23.9% during the second quarter. CIBC Asset Management Inc now owns 70,437 shares of the company’s stock worth $1,784,000 after purchasing an additional 13,594 shares in the last quarter. Rhumbline Advisers grew its holdings in Palantir Technologies by 3.8% in the second quarter. Rhumbline Advisers now owns 2,722,027 shares of the company’s stock valued at $68,949,000 after purchasing an additional 100,059 shares during the last quarter. Finally, Archer Investment Corp raised its stake in shares of Palantir Technologies by 62.9% during the 2nd quarter. Archer Investment Corp now owns 1,812 shares of the company’s stock worth $46,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.