Palantir Technologies (NASDAQ:PLTR) Shares Down 5% Following Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price was down 5% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $81.01 and last traded at $83.12. Approximately 40,866,927 shares traded hands during mid-day trading, a decline of 40% from the average daily volume of 68,424,074 shares. The stock had previously closed at $87.45.

Specifically, insider Ryan D. Taylor sold 98,177 shares of the stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $82.80, for a total value of $8,129,055.60. Following the completion of the sale, the insider now owns 403,171 shares in the company, valued at approximately $33,382,558.80. This trade represents a 19.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PLTR. Wedbush restated an “outperform” rating and issued a $120.00 price objective on shares of Palantir Technologies in a research note on Monday, March 3rd. Citigroup increased their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. Northland Securities lifted their price objective on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 4th. Royal Bank of Canada boosted their target price on shares of Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Finally, Loop Capital restated a “buy” rating on shares of Palantir Technologies in a research note on Friday. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $75.19.

Palantir Technologies Stock Down 11.5 %

The company has a market cap of $173.58 billion, a PE ratio of 389.55, a P/E/G ratio of 10.84 and a beta of 2.74. The stock has a 50-day moving average of $92.67 and a 200-day moving average of $70.70.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors have recently added to or reduced their stakes in the business. Mather Group LLC. increased its position in shares of Palantir Technologies by 101.4% in the fourth quarter. Mather Group LLC. now owns 890 shares of the company’s stock worth $67,000 after purchasing an additional 448 shares during the last quarter. Diversify Wealth Management LLC bought a new position in shares of Palantir Technologies in the 4th quarter worth $876,000. Destiny Wealth Partners LLC purchased a new stake in shares of Palantir Technologies during the 4th quarter valued at $3,233,000. Coldstream Capital Management Inc. bought a new stake in shares of Palantir Technologies during the 3rd quarter worth $639,000. Finally, Kieckhefer Group LLC purchased a new position in Palantir Technologies in the fourth quarter worth $11,769,000. 45.65% of the stock is currently owned by 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.