Palantir Technologies (NASDAQ:PLTR) Trading Down 5.7% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) shares traded down 5.7% on Thursday . The stock traded as low as $84.21 and last traded at $85.04. 44,552,393 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 64,177,865 shares. The stock had previously closed at $90.13.

Analysts Set New Price Targets

PLTR has been the subject of a number of recent research reports. Robert W. Baird boosted their price objective on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Argus cut Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. DA Davidson lifted their price objective on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. UBS Group boosted their price objective on Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $95.00 in a report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $74.79.

Palantir Technologies Trading Down 9.9 %

The firm has a 50-day simple moving average of $87.34 and a 200-day simple moving average of $62.79. The firm has a market cap of $190.52 billion, a P/E ratio of 425.33, a PEG ratio of 10.84 and a beta of 2.81.

Insider Buying and Selling

In other news, Director Lauren Elaina Friedman Stat sold 10,721 shares of the firm’s stock in a transaction on 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 sale, the director now owns 100,923 shares of the company’s stock, valued at $7,748,867.94. This trade represents a 9.60 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 450,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total value of $31,927,500.00. Following the transaction, the insider now directly owns 592 shares in the company, valued at $42,002.40. This represents a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,439,783 shares of company stock worth $107,497,043 in the last 90 days. 12.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PLTR. Prestige Wealth Management Group LLC boosted its holdings in Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after buying an additional 650 shares during the last quarter. Roxbury Financial LLC purchased a new stake in shares of Palantir Technologies during the fourth quarter worth approximately $27,000. First PREMIER Bank acquired a new position in Palantir Technologies in the 4th quarter valued at $28,000. Wolff Wiese Magana LLC lifted its holdings in Palantir Technologies by 230.4% in the 4th 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. Finally, HighMark Wealth Management LLC boosted its stake in Palantir Technologies by 73.5% during the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after purchasing an additional 166 shares during the last quarter. 45.65% of the stock is currently 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.