Palantir Technologies (NASDAQ:PLTR) Trading Down 5.7% – Here’s What Happened

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) traded down 5.7% during trading on Thursday . The company traded as low as $84.21 and last traded at $85.04. 44,552,393 shares were traded during mid-day trading, a decline of 31% from the average session volume of 64,177,865 shares. The stock had previously closed at $90.13.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $95.00 in a report on Tuesday, February 4th. UBS Group boosted their price objective on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Cantor Fitzgerald boosted their price objective on shares of Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Royal Bank of Canada boosted their price objective on shares of Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a report on Tuesday, February 4th. Finally, Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $74.79.

Palantir Technologies Stock Up 5.7 %

The stock has a market cap of $199.51 billion, a price-to-earnings ratio of 447.74, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. The firm’s 50 day moving average is $87.31 and its two-hundred day moving average is $62.91.

Insider Buying and Selling

In other Palantir Technologies news, insider Ryan D. Taylor sold 483,987 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total value of $36,047,351.76. Following the sale, the insider now owns 170,273 shares in the company, valued at approximately $12,681,933.04. This trade represents a 73.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $76.29, for a total transaction of $61,032.00. Following the completion of the sale, the director now owns 62,139 shares in the company, valued at $4,740,584.31. The trade was a 1.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,435,838 shares of company stock worth $107,260,889 over the last quarter. 12.93% of the stock is owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

Several large investors have recently made changes to their positions in PLTR. Prestige Wealth Management Group LLC boosted its holdings in shares of Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after acquiring an additional 650 shares in the last quarter. Roxbury Financial LLC bought a new position in shares of Palantir Technologies in the fourth quarter valued at approximately $27,000. First PREMIER Bank bought a new position in shares of Palantir Technologies in the fourth quarter valued at approximately $28,000. Wolff Wiese Magana LLC boosted its holdings in shares of Palantir Technologies by 230.4% in the fourth 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. Finally, HighMark Wealth Management LLC boosted its holdings in shares of Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after acquiring an additional 166 shares in the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

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.