Palantir Technologies (NASDAQ:PLTR) Stock Price Down 3.3% – What’s Next?

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 3.3% on Wednesday . The stock traded as low as $66.91 and last traded at $67.67. Approximately 40,344,232 shares changed hands during trading, a decline of 45% from the average daily volume of 73,788,484 shares. The stock had previously closed at $69.99.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wedbush increased their price objective on Palantir Technologies from $57.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, November 25th. Mizuho boosted their price objective on shares of Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. UBS Group initiated coverage on Palantir Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $80.00 target price on the stock. Robert W. Baird began coverage on Palantir Technologies in a research note on Thursday, December 12th. They issued a “neutral” rating and a $70.00 price target for the company. Finally, DA Davidson increased their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Seven research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $42.12.

Palantir Technologies Stock Performance

The company has a market capitalization of $155.63 billion, a PE ratio of 341.62, a PEG ratio of 10.18 and a beta of 2.82. The stock has a fifty day moving average of $67.40 and a 200 day moving average of $45.06.

Palantir Technologies (NASDAQ:PLTR) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period last year, the company posted $0.03 earnings per share. As a group, equities analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 7,321 shares of the stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $43.90, for a total transaction of $321,391.90. Following the transaction, the director now directly owns 138,304 shares in the company, valued at approximately $6,071,545.60. This trade represents a 5.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ryan D. Taylor sold 123,334 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $45.00, for a total transaction of $5,550,030.00. Following the completion of the transaction, the insider now directly owns 331,369 shares of the company’s stock, valued at $14,911,605. This trade represents a 27.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 23,645,510 shares of company stock valued at $1,444,267,325 over the last three months. 12.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PLTR. Northwest Investment Counselors LLC acquired a new stake in Palantir Technologies during the 3rd quarter valued at approximately $25,000. Prestige Wealth Management Group LLC lifted its stake in shares of Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares during the period. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Palantir Technologies in the second quarter worth about $30,000. Ashburton Jersey Ltd purchased a new stake in Palantir Technologies in the second quarter valued at $36,000. Finally, Creekmur Asset Management LLC increased its position in shares of Palantir Technologies by 46.0% during the 3rd quarter. Creekmur Asset Management LLC now owns 1,063 shares of the company’s stock worth $40,000 after purchasing an additional 335 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

About Palantir Technologies

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.