Palantir Technologies (NYSE:PLTR) Trading Down 0.8%

Shares of Palantir Technologies Inc. (NYSE:PLTR) dropped 0.8% during trading on Wednesday . The stock traded as low as $30.21 and last traded at $30.59. Approximately 8,219,864 shares traded hands during trading, a decline of 85% from the average daily volume of 54,665,559 shares. The stock had previously closed at $30.84.

Analyst Upgrades and Downgrades

PLTR has been the topic of a number of recent research reports. Royal Bank of Canada restated an “underperform” rating and issued a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 6th. Monness Crespi & Hardt lowered their price objective on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research note on Tuesday, August 6th. Northland Securities started coverage on shares of Palantir Technologies in a report on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 target price on the stock. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a research report on Tuesday, August 6th. Six analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and a consensus price target of $23.93.

Palantir Technologies Stock Down 2.4 %

The stock has a market cap of $67.01 billion, a price-to-earnings ratio of 254.92, a PEG ratio of 5.66 and a beta of 2.71. The business’s 50 day simple moving average is $27.86 and its 200 day simple moving average is $24.75.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The company had revenue of $678.13 million during the quarter, compared to the consensus estimate of $653.23 million. During the same period in the previous year, the company earned $0.01 earnings per share. Palantir Technologies’s revenue for the quarter was up 27.2% compared to the same quarter last year. Equities research analysts forecast that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Transactions at Palantir Technologies

In related news, insider Shyam Sankar sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total transaction of $1,617,500.00. Following the completion of the transaction, the insider now directly owns 752,786 shares of the company’s stock, valued at approximately $24,352,627.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Palantir Technologies news, insider Heather A. Planishek sold 11,373 shares of Palantir Technologies stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $32.25, for a total transaction of $366,779.25. Following the transaction, the insider now directly owns 600,633 shares of the company’s stock, valued at approximately $19,370,414.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shyam Sankar sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total value of $1,617,500.00. Following the completion of the sale, the insider now directly owns 752,786 shares of the company’s stock, valued at $24,352,627.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 714,648 shares of company stock valued at $21,567,539. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors have recently added to or reduced their stakes in PLTR. Summit Securities Group LLC purchased a new stake in Palantir Technologies in the second quarter worth $25,000. Farmers & Merchants Investments Inc. bought a new position in Palantir Technologies in the 2nd quarter worth about $25,000. First United Bank & Trust purchased a new stake in Palantir Technologies during the 4th quarter valued at $26,000. West Paces Advisors Inc. lifted its holdings in shares of Palantir Technologies by 110.7% during the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after purchasing an additional 620 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Palantir Technologies by 105.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock worth $31,000 after buying an additional 691 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.