Palantir Technologies (NYSE:PLTR) Shares Down 3.5%

Palantir Technologies Inc. (NYSE:PLTR) shares dropped 3.5% during trading on Wednesday . The stock traded as low as $27.54 and last traded at $27.79. Approximately 14,679,502 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 55,213,000 shares. The stock had previously closed at $28.81.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PLTR. HSBC lifted their target price on Palantir Technologies from $22.00 to $23.00 and gave the company a “hold” rating in a research note on Tuesday, May 7th. Royal Bank of Canada boosted their target price on shares of Palantir Technologies from $5.00 to $9.00 and gave the stock an “underperform” rating in a report on Tuesday, May 7th. Wedbush restated an “outperform” rating and set a $35.00 target price on shares of Palantir Technologies in a report on Monday, May 6th. DA Davidson upped their price target on Palantir Technologies from $19.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Finally, William Blair reissued an “underperform” rating on shares of Palantir Technologies in a research note on Tuesday, May 7th. Seven equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $21.32.

Palantir Technologies Trading Up 0.1 %

The company has a fifty day moving average price of $24.75 and a 200-day moving average price of $22.83. The firm has a market capitalization of $59.30 billion, a price-to-earnings ratio of 221.98, a price-to-earnings-growth ratio of 6.14 and a beta of 2.71.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings results on Monday, May 6th. The company reported $0.04 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.04. The business had revenue of $634.34 million for the quarter, compared to the consensus estimate of $614.88 million. Palantir Technologies had a net margin of 12.79% and a return on equity of 8.28%. As a group, sell-side analysts predict that Palantir Technologies Inc. will post 0.16 EPS for the current fiscal year.

Insider Activity

In other Palantir Technologies news, Director Peter Thiel sold 6,285,833 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $21.33, for a total transaction of $134,076,817.89. Following the completion of the sale, the director now owns 64,520,599 shares of the company’s stock, valued at $1,376,224,376.67. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider David A. Glazer sold 90,000 shares of the stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $29.36, for a total value of $2,642,400.00. Following the completion of the sale, the insider now directly owns 298,012 shares of the company’s stock, valued at $8,749,632.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Peter Thiel sold 6,285,833 shares of the business’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $21.33, for a total transaction of $134,076,817.89. Following the transaction, the director now directly owns 64,520,599 shares in the company, valued at approximately $1,376,224,376.67. The disclosure for this sale can be found here. In the last quarter, insiders have sold 11,467,179 shares of company stock valued at $242,726,313. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors have recently bought and sold shares of the business. First United Bank & Trust acquired a new stake in shares of Palantir Technologies during the 4th quarter valued at about $26,000. West Paces Advisors Inc. raised its holdings in shares of Palantir Technologies by 110.7% in the 1st quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock worth $27,000 after buying an additional 620 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its position in Palantir Technologies by 105.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after acquiring an additional 691 shares during the period. Bogart Wealth LLC lifted its holdings in shares of Palantir Technologies by 332.8% during the first quarter. Bogart Wealth LLC now owns 1,385 shares of the company’s stock valued at $32,000 after acquiring an additional 1,065 shares during the period. Finally, GAMMA Investing LLC acquired a new stake in Palantir Technologies in the 4th quarter valued at about $33,000. 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.