Palantir Technologies (NASDAQ:PLTR) Shares Down 4.9% – Should You Sell?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price traded down 4.9% during mid-day trading on Thursday . The stock traded as low as $78.57 and last traded at $79.59. 42,162,712 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 64,322,973 shares. The stock had previously closed at $83.65.

Wall Street Analyst Weigh In

PLTR has been the topic of several analyst reports. Northland Securities lifted their price target on shares of Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a report on Tuesday, February 4th. Royal Bank of Canada upped their target price 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. Baird R W raised Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Loop Capital began coverage on Palantir Technologies in a report on Thursday, February 20th. They issued a “buy” rating and a $141.00 price target on the stock. Finally, Citigroup increased their price objective on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $75.25.

Palantir Technologies Stock Down 6.2 %

The firm has a market cap of $184.07 billion, a P/E ratio of 414.16, a P/E/G ratio of 10.84 and a beta of 2.81. The company’s 50 day simple moving average is $87.62 and its 200-day simple moving average is $64.49.

Insiders Place Their Bets

In related news, insider Stephen Andrew Cohen sold 416,053 shares of Palantir Technologies stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $74.17, for a total value of $30,858,651.01. Following the completion of the sale, the insider now directly owns 592 shares in the company, valued at $43,908.64. The trade was a 99.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Alexandra W. Schiff sold 6,776 shares of the stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $86.63, for a total transaction of $587,004.88. Following the transaction, the director now owns 184,617 shares in the company, valued at approximately $15,993,370.71. The trade was a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 985,838 shares of company stock worth $75,333,389 over the last quarter. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the company. Mather Group LLC. lifted its stake in shares of Palantir Technologies by 101.4% during the fourth quarter. Mather Group LLC. now owns 890 shares of the company’s stock worth $67,000 after buying an additional 448 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after acquiring an additional 4,667,955 shares during the period. Diversify Wealth Management LLC purchased a new stake in Palantir Technologies during the 4th quarter valued at about $876,000. Destiny Wealth Partners LLC acquired a new position in shares of Palantir Technologies in the fourth quarter valued at about $3,233,000. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Palantir Technologies by 19.2% in the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after purchasing an additional 87,062 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other 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.