Palantir Technologies (NASDAQ:PLTR) Shares Down 3.6% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price dropped 3.6% on Wednesday . The stock traded as low as $99.75 and last traded at $100.07. Approximately 33,439,100 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 76,655,594 shares. The stock had previously closed at $103.83.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. DA Davidson lifted their target price on Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday. Mizuho boosted their target price on shares of Palantir Technologies from $44.00 to $80.00 and gave the stock an “underperform” rating in a report on Tuesday. Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Bank of America lifted their price target on shares of Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, William Blair reissued an “underperform” rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $69.44.

Palantir Technologies Stock Performance

The stock has a 50 day moving average price of $76.46 and a two-hundred day moving average price of $52.67. The company has a market capitalization of $252.52 billion, a PE ratio of 554.28, a P/E/G ratio of 7.54 and a beta of 2.81.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate 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%. The company’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 earnings per share. Sell-side analysts predict that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Insider Activity

In other news, Director Lauren Elaina Friedman Stat sold 11,794 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $102.80, for a total value of $1,212,423.20. Following the completion of the sale, the director now directly owns 88,129 shares in the company, valued at approximately $9,059,661.20. The trade was a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total value of $367,920,000.00. Following the sale, the insider now owns 752,786 shares of the company’s stock, valued at approximately $52,755,242.88. The trade was a 87.46 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 15,656,687 shares of company stock worth $1,040,105,687. 12.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently bought and sold shares of PLTR. Northwest Investment Counselors LLC acquired a new position in Palantir Technologies in the third quarter worth $25,000. Prestige Wealth Management Group LLC increased its position in 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 purchasing an additional 650 shares during the period. Roxbury Financial LLC bought a new stake in Palantir Technologies during the 4th quarter worth about $27,000. First PREMIER Bank acquired a new position in Palantir Technologies during the 4th quarter valued at about $28,000. Finally, Wolff Wiese Magana LLC grew its position in shares of Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after buying an additional 265 shares during the period. 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.