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

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price was down 2.1% on Monday . The company traded as low as $77.41 and last traded at $78.88. Approximately 41,313,232 shares traded hands during trading, a decline of 33% from the average daily volume of 61,474,996 shares. The stock had previously closed at $80.55.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PLTR. Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Wedbush raised their target price on Palantir Technologies from $57.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Bank of America lifted their price target on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Northland Securities increased their price objective on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Finally, Mizuho upped their target price on shares of Palantir Technologies from $37.00 to $44.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Palantir Technologies currently has a consensus rating of “Hold” and a consensus price target of $41.00.

Palantir Technologies Trading Up 2.1 %

The firm has a market capitalization of $187.66 billion, a price-to-earnings ratio of 411.92, a PEG ratio of 10.18 and a beta of 2.87. The stock has a fifty day moving average price of $60.61 and a 200-day moving average price of $41.33.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. During the same period last year, the business earned $0.03 earnings per share. The business’s revenue was up 30.0% on a year-over-year basis. On average, equities analysts expect that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insider Buying and Selling at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 10,721 shares of Palantir Technologies stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $76.78, for a total value of $823,158.38. Following the completion of the transaction, the director now directly owns 100,923 shares of the company’s stock, valued at $7,748,867.94. The trade was a 9.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Stephen Andrew Cohen sold 416,053 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $74.17, for a total transaction of $30,858,651.01. Following the sale, the insider now directly owns 592 shares in the company, valued at approximately $43,908.64. This represents a 99.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 31,351,045 shares of company stock worth $1,710,644,202 over the last ninety days. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently modified their holdings of PLTR. Charles Schwab Investment Management Inc. raised its position in Palantir Technologies by 60.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after purchasing an additional 4,667,955 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Palantir Technologies by 22.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock valued at $13,786,000 after buying an additional 68,945 shares during the period. Oppenheimer & Co. Inc. raised its position in shares of Palantir Technologies by 19.2% during the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after acquiring an additional 87,062 shares during the last quarter. Tyler Stone Wealth Management lifted its stake in shares of Palantir Technologies by 97.9% during the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock valued at $7,515,000 after acquiring an additional 99,921 shares during the period. Finally, Coldstream Capital Management Inc. bought a new position in Palantir Technologies in the third quarter valued at about $639,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.