Palantir Technologies (NASDAQ:PLTR) Shares Down 2.5% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price fell 2.5% during trading on Thursday . The company traded as low as $66.51 and last traded at $68.23. 91,110,504 shares traded hands during mid-day trading, an increase of 8% from the average session volume of 84,501,508 shares. The stock had previously closed at $69.99.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Jefferies Financial Group downgraded Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective for the company. in a report on Thursday, November 7th. UBS Group started coverage on shares of Palantir Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $80.00 price target for the company. Wedbush boosted their price objective on shares of Palantir Technologies from $57.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Bank of America raised their target price on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, William Blair reissued an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday, December 18th. Seven investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $42.12.

Palantir Technologies Trading Down 1.4 %

The business has a 50 day moving average of $68.93 and a two-hundred day moving average of $45.68. The firm has a market cap of $153.22 billion, a P/E ratio of 336.32, a PEG ratio of 10.18 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $725.52 million for the quarter, compared to analyst estimates 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 in the prior year, the firm earned $0.03 earnings per share. On average, sell-side analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insiders Place Their Bets

In other Palantir Technologies news, insider Ryan D. Taylor sold 123,334 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $45.00, for a total transaction of $5,550,030.00. Following the transaction, the insider now owns 331,369 shares in the company, valued at $14,911,605. This represents a 27.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies 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 of the company’s stock, valued at approximately $4,740,584.31. The trade was a 1.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,642,189 shares of company stock worth $1,444,232,453 over the last three months. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds have recently added to or reduced their stakes in the stock. Natixis Advisors LLC bought a new stake in shares of Palantir Technologies during the 2nd quarter worth approximately $274,000. Victory Capital Management Inc. increased its stake in shares of Palantir Technologies by 18.4% in the 2nd quarter. Victory Capital Management Inc. now owns 660,076 shares of the company’s stock valued at $16,720,000 after purchasing an additional 102,758 shares during the last quarter. Choreo LLC increased its stake in shares of Palantir Technologies by 318.2% in the 2nd quarter. Choreo LLC now owns 37,635 shares of the company’s stock valued at $973,000 after purchasing an additional 28,635 shares during the last quarter. LPL Financial LLC lifted its position in shares of Palantir Technologies by 16.6% during the 2nd quarter. LPL Financial LLC now owns 2,524,730 shares of the company’s stock worth $63,951,000 after buying an additional 360,008 shares during the last quarter. Finally, Qsemble Capital Management LP boosted its stake in Palantir Technologies by 105.5% in the second quarter. Qsemble Capital Management LP now owns 52,968 shares of the company’s stock valued at $1,342,000 after buying an additional 27,189 shares in the last quarter. Institutional investors own 45.65% of the company’s stock.

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.