Palantir Technologies (NASDAQ:PLTR) Shares Down 1.4% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 1.4% during trading on Tuesday . The stock traded as low as $95.08 and last traded at $95.39. Approximately 35,257,297 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 98,681,977 shares. The stock had previously closed at $96.75.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Citigroup raised their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Loop Capital cut their price target on shares of Palantir Technologies from $141.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Baird R W raised Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. DA Davidson increased their price target on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Finally, Royal Bank of Canada raised their price target on Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $74.45.

Palantir Technologies Price Performance

The company’s 50-day simple moving average is $91.28 and its 200-day simple moving average is $68.54. The stock has a market capitalization of $210.73 billion, a price-to-earnings ratio of 479.61, a P/E/G ratio of 10.84 and a beta of 2.81.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 1,250,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total value of $103,437,500.00. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at $48,988. The trade was a 99.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Ryan D. Taylor sold 483,987 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the transaction, the insider now owns 170,273 shares in the company, valued at approximately $12,681,933.04. The trade was a 73.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,379,785 shares of company stock worth $281,528,938 in the last ninety days. 12.93% of the stock is owned by company insiders.

Institutional Trading of Palantir Technologies

A number of institutional investors have recently modified their holdings of the stock. Mather Group LLC. lifted its position in Palantir Technologies by 101.4% during the fourth quarter. Mather Group LLC. now owns 890 shares of the company’s stock worth $67,000 after purchasing an additional 448 shares during the period. Diversify Wealth Management LLC bought a new stake in shares of Palantir Technologies during the 4th quarter worth approximately $876,000. Destiny Wealth Partners LLC acquired a new stake in shares of Palantir Technologies during the 4th quarter worth approximately $3,233,000. Coldstream Capital Management Inc. bought a new position in Palantir Technologies in the third quarter valued at approximately $639,000. Finally, Kieckhefer Group LLC acquired a new position in Palantir Technologies during the fourth quarter valued at approximately $11,769,000. 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.