Palantir Technologies (NYSE:PLTR) Trading Down 2.6% – Here’s What Happened

Palantir Technologies Inc. (NYSE:PLTR) was down 2.6% during trading on Thursday . The company traded as low as $59.01 and last traded at $59.12. Approximately 20,610,787 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 57,768,934 shares. The stock had previously closed at $60.70.

Wall Street Analysts Forecast Growth

PLTR has been the subject of a number of analyst reports. Mizuho raised their price objective on Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 5th. Wedbush boosted their price target on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Royal Bank of Canada reissued an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a research note on Tuesday, August 6th. DA Davidson upped their price target on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Northland Capmk upgraded Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $31.71.

Palantir Technologies Stock Performance

The firm has a market cap of $147.38 billion, a P/E ratio of 329.07 and a beta of 2.70. The stock’s 50 day simple moving average is $43.19 and its 200 day simple moving average is $31.94.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share 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 analysts’ expectations of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. As a group, analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total value of $1,617,500.00. Following the transaction, the insider now owns 752,786 shares in the company, valued at $24,352,627.10. The trade was a 6.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of Palantir Technologies stock in a transaction on Friday, November 15th. The stock was sold at an average price of $63.10, for a total value of $283,950,000.00. Following the sale, the insider now owns 6,432,258 shares in the company, valued at $405,875,479.80. This trade represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,562,840 shares of company stock valued at $1,435,787,316 in the last three months. 12.93% of the stock is currently owned by insiders.

Institutional Trading of Palantir Technologies

A number of large investors have recently added to or reduced their stakes in PLTR. Summit Securities Group LLC purchased a new position in Palantir Technologies in the second quarter valued at approximately $25,000. Farmers & Merchants Investments Inc. bought a new position in shares of Palantir Technologies during the 2nd quarter worth $25,000. Northwest Investment Counselors LLC bought a new stake in Palantir Technologies in the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC raised its position in shares of Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Palantir Technologies in the 2nd quarter worth approximately $30,000. Hedge funds and other institutional investors 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.