Palantir Technologies (NASDAQ:PLTR) Stock Price Down 3.3% – What’s Next?

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 3.3% during mid-day trading on Tuesday . The stock traded as low as $79.30 and last traded at $80.65. Approximately 45,893,514 shares changed hands during mid-day trading, a decline of 28% from the average daily volume of 63,719,171 shares. The stock had previously closed at $83.42.

Wall Street Analysts Forecast Growth

PLTR has been the subject of several recent research reports. Wedbush restated an “outperform” rating and issued a $120.00 price target on shares of Palantir Technologies in a research report on Monday. Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Citigroup increased their price objective on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Bank of America increased their price objective on shares of Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Finally, DA Davidson increased their price objective on shares of Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued 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 $74.79.

Palantir Technologies Stock Up 1.2 %

The stock has a market capitalization of $192.26 billion, a P/E ratio of 444.23, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. The business’s 50 day simple moving average is $87.14 and its two-hundred day simple moving average is $62.23.

Insider Activity

In other news, Director Lauren Elaina Friedman Stat sold 10,721 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $76.78, for a total value of $823,158.38. Following the completion of the sale, the director now directly owns 100,923 shares of the company’s stock, valued at $7,748,867.94. This represents a 9.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 416,053 shares of the stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $74.17, for a total value of $30,858,651.01. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at approximately $43,908.64. This trade represents a 99.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,439,783 shares of company stock worth $107,497,043 over the last three months. 12.93% of the stock is currently owned by insiders.

Institutional Trading of Palantir Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp increased its position in shares of Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after acquiring an additional 40,498,024 shares during the last quarter. Norges Bank purchased a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $1,360,191,000. Geode Capital Management LLC increased its position in shares of Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after acquiring an additional 16,598,253 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Palantir Technologies by 504.0% during the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock valued at $354,117,000 after acquiring an additional 3,907,022 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other 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.