Palantir Technologies (NASDAQ:PLTR) Stock Price Down 2.1% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 2.1% on Wednesday . The stock traded as low as $77.81 and last traded at $78.58. Approximately 17,886,380 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 67,586,273 shares. The stock had previously closed at $80.23.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several research analyst reports. UBS Group initiated coverage on Palantir Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $80.00 price objective on the stock. DA Davidson raised their target price on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Baird R W raised Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Northland Securities boosted their price objective on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Finally, Bank of America boosted their price objective on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies presently has an average rating of “Hold” and a consensus price target of $44.61.

Palantir Technologies Trading Down 0.0 %

The company has a market cap of $182.71 billion, a PE ratio of 401.11, a P/E/G ratio of 7.08 and a beta of 2.82. The business’s 50-day simple moving average is $72.59 and its 200-day simple moving average is $49.89.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the prior year, the business posted $0.03 EPS. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. On average, research analysts predict that Palantir Technologies Inc. will post 0.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $55.03, for a total transaction of $247,635,000.00. Following the completion of the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $353,967,157.74. This trade represents a 41.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Heather A. Planishek sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $49.96, for a total transaction of $999,200.00. Following the transaction, the insider now directly owns 562,006 shares of the company’s stock, valued at $28,077,819.76. The trade was a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,181,807 shares of company stock valued at $1,288,448,522 in the last ninety days. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors have recently added to or reduced their stakes in PLTR. First PREMIER Bank acquired a new stake in Palantir Technologies in the 4th quarter valued at about $28,000. Wolff Wiese Magana LLC increased its position in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares in the last quarter. R Squared Ltd acquired a new stake in Palantir Technologies in the 4th quarter valued at about $33,000. Elevation Wealth Partners LLC grew its position in shares of Palantir Technologies by 64.3% during the 4th quarter. Elevation Wealth Partners LLC now owns 511 shares of the company’s stock worth $39,000 after buying an additional 200 shares during the period. Finally, Valley National Advisers Inc. grew its position in shares of Palantir Technologies by 181.3% during the 4th quarter. Valley National Advisers Inc. now owns 512 shares of the company’s stock worth $38,000 after buying an additional 330 shares during the period. 45.65% of the stock is owned by institutional investors.

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.