Palantir Technologies (NASDAQ:PLTR) Stock Price Down 4.9% Following Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price traded down 4.9% on Tuesday following insider selling activity. The stock traded as low as $85.60 and last traded at $86.22. 62,005,952 shares traded hands during trading, a decline of 33% from the average session volume of 92,612,883 shares. The stock had previously closed at $90.68.

Specifically, insider Shyam Sankar sold 30,000 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $92.43, for a total value of $2,772,900.00. Following the completion of the sale, the insider now directly owns 702,786 shares of the company’s stock, valued at $64,958,509.98. This represents a 4.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Heather A. Planishek sold 18,537 shares of the firm’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $102.32, for a total value of $1,896,705.84. Following the sale, the insider now directly owns 493,469 shares in the company, valued at $50,491,748.08. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

Several analysts have commented on the stock. UBS Group raised their target price on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Mizuho lifted their price target on Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Citigroup raised their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Jefferies Financial Group raised their target price on shares of Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research report on Tuesday, February 4th. Finally, Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and a consensus target price of $73.21.

Palantir Technologies Price Performance

The company has a fifty day moving average of $86.79 and a 200-day moving average of $60.88. The firm has a market cap of $203.45 billion, a P/E ratio of 470.08, a P/E/G ratio of 10.84 and a beta of 2.81.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its position in Palantir Technologies by 80.2% during the third quarter. Assenagon Asset Management S.A. now owns 37,012 shares of the company’s stock valued at $1,377,000 after buying an additional 16,469 shares during the period. Nisa Investment Advisors LLC raised its position in shares of Palantir Technologies by 5.0% in the third quarter. Nisa Investment Advisors LLC now owns 251,320 shares of the company’s stock worth $9,349,000 after buying an additional 11,920 shares in the last quarter. Pallas Capital Advisors LLC bought a new position in shares of Palantir Technologies in the third quarter worth approximately $199,000. abrdn plc lifted its holdings in shares of Palantir Technologies by 124.0% during the 3rd quarter. abrdn plc now owns 611,142 shares of the company’s stock worth $22,646,000 after acquiring an additional 338,260 shares during the last quarter. Finally, Diversify Advisory Services LLC raised its position in Palantir Technologies by 83.0% during the third quarter. Diversify Advisory Services LLC now owns 19,042 shares of the company’s stock valued at $708,000 after purchasing an additional 8,638 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.