Palantir Technologies (NASDAQ:PLTR) Shares Down 3.3% – Should You Sell?

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price dropped 3.3% on Wednesday . The company traded as low as $66.91 and last traded at $67.67. Approximately 40,344,232 shares were traded during trading, a decline of 45% from the average daily volume of 73,788,484 shares. The stock had previously closed at $69.99.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. Mizuho boosted their price objective on Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Northland Securities increased their price objective on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Finally, DA Davidson raised their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Seven analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $42.12.

Palantir Technologies Price Performance

The company has a market cap of $153.22 billion, a PE ratio of 336.32, a PEG ratio of 10.18 and a beta of 2.82. The business’s fifty day simple moving average is $68.93 and its two-hundred day simple moving average is $45.68.

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

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 10,721 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $76.78, for a total value of $823,158.38. Following the completion of the sale, the director now directly owns 100,923 shares of the company’s stock, valued at approximately $7,748,867.94. This represents a 9.60 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 3,337,048 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. The trade was a 34.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 23,638,189 shares of company stock worth $1,443,945,933. 12.93% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of PLTR. Northwest Investment Counselors LLC bought a new stake in shares of Palantir Technologies during the 3rd quarter worth approximately $25,000. Prestige Wealth Management Group LLC lifted its stake in shares of Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after acquiring an additional 650 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Palantir Technologies during the second quarter valued at approximately $30,000. Ashburton Jersey Ltd bought a new stake in Palantir Technologies during the second quarter worth $36,000. Finally, Creekmur Asset Management LLC grew its stake in Palantir Technologies by 46.0% in the 3rd quarter. Creekmur Asset Management LLC now owns 1,063 shares of the company’s stock valued at $40,000 after purchasing an additional 335 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.