Palantir Technologies (NASDAQ:PLTR) Shares Down 0.7% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price was down 0.7% on Monday . The company traded as low as $76.83 and last traded at $79.36. Approximately 34,092,380 shares traded hands during trading, a decline of 37% from the average daily volume of 54,233,984 shares. The stock had previously closed at $79.89.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Bank of America lifted their price target on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 25th. Argus cut Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Robert W. Baird initiated coverage on Palantir Technologies in a research note on Thursday, December 12th. They set a “neutral” rating and a $70.00 price target for the company. Jefferies Financial Group downgraded Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a research note on Thursday, November 7th. Finally, UBS Group started coverage on shares of Palantir Technologies in a research report on Thursday, December 19th. They issued a “neutral” rating and a $80.00 price target on the stock. Seven investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, Palantir Technologies has an average rating of “Hold” and a consensus target price of $42.12.

Palantir Technologies Price Performance

The business has a fifty day simple moving average of $66.28 and a two-hundred day simple moving average of $44.38. The company has a market cap of $172.31 billion, a PE ratio of 378.22, a price-to-earnings-growth ratio of 10.18 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.03 earnings per share. On average, equities research analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insider Transactions at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 7,321 shares of the company’s stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $43.90, for a total transaction of $321,391.90. Following the transaction, the director now directly owns 138,304 shares of the company’s stock, valued at $6,071,545.60. This represents a 5.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Stephen Andrew Cohen sold 450,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total value of $31,927,500.00. Following the sale, the insider now owns 592 shares in the company, valued at $42,002.40. The trade was a 99.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 23,160,723 shares of company stock valued at $1,408,158,941 in the last 90 days. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

A number of large investors have recently made changes to their positions in the stock. Natixis Advisors LLC acquired a new stake in Palantir Technologies during the 2nd quarter worth about $274,000. Larson Financial Group LLC boosted its position in Palantir Technologies by 24.6% in the second quarter. Larson Financial Group LLC now owns 6,315 shares of the company’s stock valued at $160,000 after buying an additional 1,246 shares during the last quarter. TD Asset Management Inc increased its holdings in Palantir Technologies by 7.1% in the 2nd quarter. TD Asset Management Inc now owns 468,890 shares of the company’s stock worth $11,877,000 after buying an additional 31,047 shares during the period. Victory Capital Management Inc. raised its position in Palantir Technologies by 18.4% during the 2nd quarter. Victory Capital Management Inc. now owns 660,076 shares of the company’s stock worth $16,720,000 after buying an additional 102,758 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. purchased a new position in Palantir Technologies during the 2nd quarter worth approximately $25,000. 45.65% of the stock is owned by hedge funds and other 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.