Palantir Technologies (NYSE:PLTR) Stock Price Down 0.2% – Here’s Why

Shares of Palantir Technologies Inc. (NYSE:PLTR) dropped 0.2% during trading on Tuesday . The stock traded as low as $59.27 and last traded at $61.15. Approximately 35,706,077 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 58,618,270 shares. The stock had previously closed at $61.26.

Analysts Set New Price Targets

PLTR has been the topic of a number of analyst reports. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Wedbush increased their target price on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Bank of America lifted their price target on Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Royal Bank of Canada reissued an “underperform” rating and issued a $9.00 price objective on shares of Palantir Technologies in a report on Tuesday, August 6th. Finally, Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Six research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $31.71.

Palantir Technologies Stock Performance

The company has a 50-day moving average of $43.72 and a 200-day moving average of $32.36. The stock has a market cap of $141.53 billion, a price-to-earnings ratio of 305.77 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last issued 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 business had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, equities research analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insider Activity

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 6,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.35, for a total value of $218,100.00. Following the completion of the transaction, the director now directly owns 152,280 shares in the company, valued at approximately $5,535,378. The trade was a 3.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $36.07, for a total value of $162,315,000.00. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at $232,011,546.06. This trade represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,551,467 shares of company stock worth $1,435,420,536 over the last three months. 12.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PLTR. State of Alaska Department of Revenue increased its stake in Palantir Technologies by 22.9% during the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock valued at $13,786,000 after purchasing an additional 68,945 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in Palantir Technologies by 19.2% in the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock valued at $20,146,000 after acquiring an additional 87,062 shares during the period. Tyler Stone Wealth Management grew its holdings 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 purchasing an additional 99,921 shares during the last quarter. Heritage Wealth Management Inc. CA acquired a new stake in shares of Palantir Technologies during the 3rd quarter worth approximately $1,076,000. Finally, Cyndeo Wealth Partners LLC acquired a new position in Palantir Technologies during the 3rd quarter valued at approximately $6,339,000. Institutional investors and hedge funds own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.