Palantir Technologies (NASDAQ:PLTR) Shares Gap Down – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) gapped down prior to trading on Thursday . The stock had previously closed at $112.06, but opened at $102.91. Palantir Technologies shares last traded at $100.85, with a volume of 84,688,050 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Bank of America increased their price objective on Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Robert W. Baird lifted their price objective on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Loop Capital initiated coverage on shares of Palantir Technologies in a report on Thursday. They issued a “buy” rating and a $141.00 target price for the company. Northland Securities raised their price target on Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a report on Tuesday, February 4th. Finally, Citigroup upped their price objective on Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.21.

Palantir Technologies Price Performance

The stock has a market capitalization of $231.38 billion, a price-to-earnings ratio of 540.99, a PEG ratio of 12.81 and a beta of 2.81. The firm’s fifty day moving average is $84.70 and its 200-day moving average is $58.51.

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 1,620,395 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $63.21, for a total value of $102,425,167.95. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $406,583,028.18. The trade was a 20.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 9,746 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $66.77, for a total transaction of $650,740.42. Following the sale, the director now directly owns 111,644 shares in the company, valued at $7,454,469.88. This trade represents a 8.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,301,387 shares of company stock valued at $575,821,045. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several large investors have recently added to or reduced their stakes in PLTR. Northwest Investment Counselors LLC acquired a new position in Palantir Technologies during the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC boosted its position in Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after acquiring an additional 650 shares during the period. Roxbury Financial LLC bought a new position in shares of Palantir Technologies in the fourth quarter worth $27,000. First PREMIER Bank acquired a new position in shares of Palantir Technologies during the fourth quarter valued at $28,000. Finally, Wolff Wiese Magana LLC raised its stake in shares of Palantir Technologies by 230.4% during 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. 45.65% of the stock is 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.