Palantir Technologies (NASDAQ:PLTR) Shares Down 2.1% – Here’s Why

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

Wall Street Analyst Weigh In

Several brokerages have issued reports on PLTR. The Goldman Sachs Group lifted their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Northland Securities lifted their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. DA Davidson lifted their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. William Blair reaffirmed an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Finally, Robert W. Baird began coverage on shares of Palantir Technologies in a report on Thursday, December 12th. They set a “neutral” rating and a $70.00 price objective for the company. Seven analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $44.61.

Palantir Technologies Price Performance

The company has a market capitalization of $190.62 billion, a P/E ratio of 416.49, a price-to-earnings-growth ratio of 7.29 and a beta of 2.82. The firm’s 50-day moving average is $73.34 and its 200-day moving average is $50.31.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company’s revenue was up 30.0% on a year-over-year basis. During the same period last year, the firm earned $0.03 EPS. As a group, analysts forecast that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

Insider Activity

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies 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 in the company, valued at approximately $4,740,584.31. The trade was a 1.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heather A. Planishek sold 20,000 shares of Palantir Technologies stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $49.96, for a total transaction of $999,200.00. Following the completion of the sale, the insider now owns 562,006 shares in the company, valued at approximately $28,077,819.76. This represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,181,807 shares of company stock worth $1,288,448,522 in the last three months. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PLTR. Thrivent Financial for Lutherans grew its stake in shares of Palantir Technologies by 20.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 52,732 shares of the company’s stock worth $1,336,000 after buying an additional 9,109 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Palantir Technologies by 14.9% in the 2nd quarter. ProShare Advisors LLC now owns 13,100 shares of the company’s stock worth $332,000 after buying an additional 1,702 shares in the last quarter. EP Wealth Advisors LLC grew its stake in shares of Palantir Technologies by 20.3% in the 2nd quarter. EP Wealth Advisors LLC now owns 17,132 shares of the company’s stock worth $434,000 after buying an additional 2,896 shares in the last quarter. Truist Financial Corp grew its stake in shares of Palantir Technologies by 21.5% in the 2nd quarter. Truist Financial Corp now owns 449,356 shares of the company’s stock worth $11,382,000 after buying an additional 79,618 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Palantir Technologies by 25.2% in the 2nd quarter. Cetera Investment Advisers now owns 707,674 shares of the company’s stock worth $17,925,000 after buying an additional 142,411 shares in the last quarter. 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.