Palantir Technologies (NASDAQ:PLTR) Stock Price Down 3.3% – Should You Sell?

Palantir Technologies Inc. (NASDAQ:PLTR) shares were down 3.3% during mid-day trading on Wednesday . The company traded as low as $66.91 and last traded at $67.67. Approximately 40,344,232 shares were traded 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 Analysts Forecast Growth

A number of analysts recently weighed in on PLTR shares. The Goldman Sachs Group increased their price target on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Morgan Stanley reissued an “underweight” rating and set a $60.00 price target on shares of Palantir Technologies in a research report on Monday. Northland Securities upped their price objective on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. DA Davidson lifted their target price on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Finally, UBS Group initiated coverage on Palantir Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $80.00 target price for the company. Seven investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of “Hold” and an average price target of $42.12.

Palantir Technologies Price Performance

The firm has a market cap of $155.63 billion, a P/E ratio of 341.62, a P/E/G ratio of 10.18 and a beta of 2.82. The company 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 quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS 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 return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. On average, sell-side analysts expect that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 7,321 shares of the stock in a transaction dated Friday, October 11th. The stock was 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 represents a 5.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the transaction, the insider now owns 752,786 shares in the company, valued at $52,755,242.88. The trade was a 87.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,645,510 shares of company stock valued at $1,444,267,325 over the last three months. 12.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC purchased a new position in shares of Palantir Technologies in the third quarter worth about $25,000. Prestige Wealth Management Group LLC grew 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 acquiring an additional 650 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in shares of Palantir Technologies in the second quarter valued at about $30,000. Ashburton Jersey Ltd bought a new position in shares of Palantir Technologies during the second quarter valued at about $36,000. Finally, Creekmur Asset Management LLC grew its stake in shares of Palantir Technologies by 46.0% in the third 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. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.