Palantir Technologies (NASDAQ:PLTR) Trading Down 5% Following Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price traded down 5% during trading on Thursday following insider selling activity. The stock traded as low as $81.01 and last traded at $83.12. 40,866,927 shares were traded during mid-day trading, a decline of 40% from the average session volume of 68,424,074 shares. The stock had previously closed at $87.45.

Specifically, insider Ryan D. Taylor sold 98,177 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $82.80, for a total transaction of $8,129,055.60. Following the completion of the transaction, the insider now owns 403,171 shares of the company’s stock, valued at approximately $33,382,558.80. The trade was a 19.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

Several brokerages have commented on PLTR. Baird R W raised shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Jefferies Financial Group lifted their price objective on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Citigroup upped their target price on Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. UBS Group raised their price target on Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Cantor Fitzgerald boosted their price objective on Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Palantir Technologies currently has a consensus rating of “Hold” and an average price target of $75.19.

Palantir Technologies Stock Down 4.2 %

The stock has a market cap of $196.47 billion, a P/E ratio of 440.92, a P/E/G ratio of 10.84 and a beta of 2.81. The company has a 50-day simple moving average of $92.68 and a two-hundred day simple moving average of $70.34.

Institutional Investors Weigh In On Palantir Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLTR. Roxbury Financial LLC purchased a new position in shares of Palantir Technologies in the fourth quarter valued at about $27,000. First PREMIER Bank purchased a new position in Palantir Technologies during the 4th quarter valued at about $28,000. Wolff Wiese Magana LLC increased its holdings in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares during the period. HighMark Wealth Management LLC raised its position in Palantir Technologies by 73.5% during the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after purchasing an additional 166 shares during the last quarter. Finally, Sierra Ocean LLC purchased a new stake in Palantir Technologies in the 4th quarter worth approximately $31,000. 45.65% of the stock is currently owned by 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.