Palantir Technologies (NASDAQ:PLTR) Stock Price Down 5.4% on Insider Selling

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) dropped 5.4% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $70.31 and last traded at $71.85. Approximately 42,862,020 shares changed hands during mid-day trading, a decline of 38% from the average daily volume of 68,711,211 shares. The stock had previously closed at $75.92.

Specifically, insider Ryan D. Taylor sold 483,987 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the transaction, the insider now owns 170,273 shares of the company’s stock, valued at $12,681,933.04. The trade was a 73.97 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the firm’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $76.29, for a total value of $61,032.00. Following the sale, the director now directly owns 62,139 shares of the company’s stock, valued at $4,740,584.31. This represents a 1.27 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on PLTR shares. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Bank of America upped their price target on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 25th. DA Davidson boosted their price objective on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. Morgan Stanley reiterated an “underweight” rating and issued a $60.00 price target on shares of Palantir Technologies in a research report on Monday. Finally, Northland Securities raised their price objective on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 5th. Seven research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $42.12.

Palantir Technologies Stock Down 5.4 %

The company has a market cap of $163.68 billion, a price-to-earnings ratio of 359.27, a PEG ratio of 10.18 and a beta of 2.82. The firm has a 50 day moving average price of $66.90 and a two-hundred day moving average price of $44.73.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results 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 net margin of 18.01% and a return on equity of 9.94%. The firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same quarter last year, the business earned $0.03 EPS. The company’s revenue was up 30.0% compared to the same quarter last year. On average, equities analysts expect that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PLTR. Natixis Advisors LLC bought a new position in shares of Palantir Technologies during the 2nd quarter worth approximately $274,000. TD Asset Management Inc raised its holdings in shares of Palantir Technologies by 7.1% during the second quarter. TD Asset Management Inc now owns 468,890 shares of the company’s stock valued at $11,877,000 after purchasing an additional 31,047 shares during the period. Victory Capital Management Inc. boosted its position in shares of 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 purchasing an additional 102,758 shares in the last quarter. Private Advisor Group LLC grew its stake in shares of Palantir Technologies by 12.2% in the 2nd quarter. Private Advisor Group LLC now owns 364,841 shares of the company’s stock valued at $9,241,000 after buying an additional 39,632 shares during the period. Finally, Candriam S.C.A. increased its position in Palantir Technologies by 4.6% in the 2nd quarter. Candriam S.C.A. now owns 97,668 shares of the company’s stock valued at $2,474,000 after buying an additional 4,285 shares in the last quarter. 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.