Palantir Technologies (NASDAQ:PLTR) Stock Price Down 4.5% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price traded down 4.5% on Tuesday . The stock traded as low as $81.80 and last traded at $83.46. 36,475,951 shares changed hands during trading, a decline of 44% from the average session volume of 64,867,665 shares. The stock had previously closed at $87.35.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Northland Securities increased their target price on Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a research note on Tuesday, February 4th. Jefferies Financial Group raised their price objective on Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. Citigroup raised their price objective on Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Cantor Fitzgerald raised their price objective on Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, William Blair set a $84.00 price objective on Palantir Technologies in a research report on Wednesday, March 5th. Five investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $74.45.

Palantir Technologies Trading Up 2.6 %

The stock has a fifty day moving average of $88.70 and a two-hundred day moving average of $66.37. The stock has a market capitalization of $201.94 billion, a price-to-earnings ratio of 453.18, a PEG ratio of 10.84 and a beta of 2.81.

Insider Activity at Palantir Technologies

In other news, insider Ryan D. Taylor sold 483,987 shares of Palantir Technologies stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total value of $36,047,351.76. Following the completion of the sale, the insider now directly owns 170,273 shares of the company’s stock, valued at approximately $12,681,933.04. This trade represents a 73.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of Palantir Technologies stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total value of $103,437,500.00. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $48,988. This trade represents a 99.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,379,785 shares of company stock valued at $281,528,938 in the last three months. Corporate insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Roxbury Financial LLC bought a new position in Palantir Technologies during the fourth quarter worth about $27,000. First PREMIER Bank bought a new position in Palantir Technologies during the fourth quarter worth about $28,000. Wolff Wiese Magana LLC lifted 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 purchasing an additional 265 shares in the last quarter. HighMark Wealth Management LLC lifted 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 purchasing an additional 166 shares in the last quarter. Finally, Sierra Ocean LLC bought a new stake in shares of Palantir Technologies in the fourth quarter valued at about $31,000. 45.65% of the stock is currently owned by 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.