Palantir Technologies (NYSE:PLTR) Stock Price Down 3.5% After Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) shares were down 3.5% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $59.96 and last traded at $60.77. Approximately 23,347,301 shares traded hands during trading, a decline of 60% from the average daily volume of 58,659,352 shares. The stock had previously closed at $62.98.

Specifically, insider Alexander C. Karp sold 38,093 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $63.01, for a total value of $2,400,239.93. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at $405,296,576.58. This trade represents a 0.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Alexander C. Karp sold 1,007,496 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $63.96, for a total value of $64,439,444.16. Following the completion of the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $411,407,221.68. This represents a 13.54 % decrease in their position. The disclosure for this sale can be found here. In other Palantir Technologies news, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $63.10, for a total transaction of $283,950,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at $405,875,479.80. The trade was a 41.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PLTR shares. Jefferies Financial Group downgraded shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a report on Thursday, November 7th. Royal Bank of Canada restated an “underperform” rating and issued a $9.00 price objective on shares of Palantir Technologies in a research note on Tuesday, August 6th. Wedbush lifted their target price on Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, DA Davidson boosted their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies has a consensus rating of “Hold” and an average target price of $31.71.

Palantir Technologies Stock Down 1.2 %

The company has a fifty day moving average price of $45.36 and a 200-day moving average price of $33.04. The stock has a market capitalization of $139.77 billion, a P/E ratio of 306.79 and a beta of 2.70.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwest Investment Counselors LLC purchased a new position in Palantir Technologies during the third quarter worth $25,000. Prestige Wealth Management Group LLC grew its holdings in Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Palantir Technologies in the 2nd quarter worth about $25,000. Farmers & Merchants Investments Inc. bought a new stake in Palantir Technologies in the second quarter worth about $25,000. Finally, Creekmur Asset Management LLC boosted its position in shares of Palantir Technologies by 46.0% during the third quarter. Creekmur Asset Management LLC now owns 1,063 shares of the company’s stock valued at $40,000 after buying an additional 335 shares during the period. Hedge funds and other institutional investors 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.