Palantir Technologies (NYSE:PLTR) Shares Down 2.5%

Palantir Technologies Inc. (NYSE:PLTR) shares traded down 2.5% on Wednesday . The stock traded as low as $33.68 and last traded at $33.88. 23,951,994 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 54,751,484 shares. The stock had previously closed at $34.76.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PLTR shares. Monness Crespi & Hardt cut their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, August 6th. Jefferies Financial Group boosted their price target on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. The Goldman Sachs Group boosted their target price on Palantir Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Finally, Bank of America raised their price target on Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a report on Tuesday. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Palantir Technologies presently has an average rating of “Hold” and a consensus price target of $26.79.

Palantir Technologies Price Performance

The firm has a market cap of $76.83 billion, a P/E ratio of 282.33, a PEG ratio of 5.35 and a beta of 2.72. The stock’s 50-day simple moving average is $29.16 and its two-hundred day simple moving average is $25.27.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings results on Monday, August 5th. The company reported $0.03 EPS 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 firm had revenue of $678.13 million for the quarter, compared to analysts’ expectations of $653.23 million. During the same period in the prior year, the firm posted $0.01 earnings per share. Palantir Technologies’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, sell-side analysts expect that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Insider Transactions at Palantir Technologies

In other news, Director Alexander D. Moore sold 20,000 shares of Palantir Technologies stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total transaction of $617,800.00. Following the completion of the sale, the director now directly owns 1,510,630 shares in the company, valued at $46,663,360.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Palantir Technologies news, Director Alexander D. Moore sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $30.89, for a total value of $617,800.00. Following the transaction, the director now directly owns 1,510,630 shares in the company, valued at approximately $46,663,360.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 2,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $28.97, for a total transaction of $57,940.00. Following the sale, the director now directly owns 69,039 shares of the company’s stock, valued at approximately $2,000,059.83. The disclosure for this sale can be found here. Over the last three months, insiders have sold 698,649 shares of company stock worth $21,453,996. 12.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds have recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in Palantir Technologies during the second quarter worth $25,000. Farmers & Merchants Investments Inc. bought a new position in shares of Palantir Technologies in the 2nd quarter worth $25,000. West Paces Advisors Inc. lifted its stake in shares of Palantir Technologies by 110.7% during the 1st quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock worth $27,000 after purchasing an additional 620 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its position in Palantir Technologies by 105.3% during the first quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after purchasing an additional 691 shares in the last quarter. Finally, Bogart Wealth LLC grew its stake in Palantir Technologies by 332.8% in the first quarter. Bogart Wealth LLC now owns 1,385 shares of the company’s stock valued at $32,000 after purchasing an additional 1,065 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Company Profile

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.