Palantir Technologies (NYSE:PLTR) Trading Down 3.3% After Insider Selling

Palantir Technologies Inc. (NYSE:PLTR)’s share price traded down 3.3% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $40.36 and last traded at $41.01. 23,643,018 shares were traded during mid-day trading, a decline of 59% from the average session volume of 57,138,219 shares. The stock had previously closed at $42.43.

Specifically, Director Lauren Elaina Friedman Stat sold 7,321 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $43.90, for a total value of $321,391.90. Following the sale, the director now owns 138,304 shares in the company, valued at approximately $6,071,545.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PLTR shares. Mizuho downgraded Palantir Technologies from a “neutral” rating to an “underperform” rating and lifted their target price for the company from $21.00 to $22.00 in a research report on Tuesday, July 16th. DA Davidson upped their target price on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Bank of America raised their price target on shares of Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Northland Securities assumed coverage on Palantir Technologies in a research note on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 price objective on the stock. Finally, Wedbush upped their price target on Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Palantir Technologies currently has an average rating of “Hold” and an average price target of $27.29.

Palantir Technologies Price Performance

The stock’s 50-day moving average is $34.78 and its 200 day moving average is $27.72. The stock has a market cap of $93.04 billion, a price-to-earnings ratio of 341.75 and a beta of 2.72.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The business had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. During the same period in the prior year, the company earned $0.01 EPS. The company’s revenue was up 27.2% on a year-over-year basis. Analysts anticipate that Palantir Technologies Inc. will post 0.19 EPS for the current year.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. SeaCrest Wealth Management LLC boosted its position in Palantir Technologies by 8.2% during the third quarter. SeaCrest Wealth Management LLC now owns 31,843 shares of the company’s stock worth $1,185,000 after purchasing an additional 2,400 shares in the last quarter. CCG Wealth Management LLC acquired a new position in shares of Palantir Technologies during the 3rd quarter worth $291,000. Cascade Investment Group Inc. purchased a new stake in shares of Palantir Technologies in the 3rd quarter worth about $257,000. Magnus Financial Group LLC grew its stake in Palantir Technologies by 3.6% in the 3rd quarter. Magnus Financial Group LLC now owns 27,066 shares of the company’s stock valued at $1,007,000 after acquiring an additional 941 shares during the last quarter. Finally, Fiduciary Alliance LLC increased its holdings in Palantir Technologies by 16.2% during the 3rd quarter. Fiduciary Alliance LLC now owns 115,375 shares of the company’s stock valued at $4,292,000 after acquiring an additional 16,050 shares in the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

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.