Palantir Technologies (NASDAQ:PLTR) Shares Down 4.5% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price fell 4.5% during mid-day trading on Tuesday . The company traded as low as $81.80 and last traded at $83.46. 36,475,951 shares were traded during trading, a decline of 44% from the average session volume of 64,867,665 shares. The stock had previously closed at $87.35.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Bank of America increased their target price on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. William Blair set a $84.00 price objective on shares of Palantir Technologies in a report on Wednesday, March 5th. Wedbush reiterated an “outperform” rating and issued a $120.00 price objective on shares of Palantir Technologies in a research report on Monday, March 3rd. Cantor Fitzgerald upped their target price on shares of Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, Northland Securities lifted their price target on Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a report on Tuesday, February 4th. Five analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $74.45.

Palantir Technologies Price Performance

The business has a fifty day moving average of $88.06 and a 200-day moving average of $65.86. The stock has a market capitalization of $199.27 billion, a price-to-earnings ratio of 447.03, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81.

Insider Transactions at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $76.29, for a total transaction of $61,032.00. Following the sale, the director now directly owns 62,139 shares of the company’s stock, valued at $4,740,584.31. The trade was a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alexandra W. Schiff sold 4,000 shares of Palantir Technologies stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $71.63, for a total value of $286,520.00. Following the completion of the transaction, the director now directly owns 195,393 shares in the company, valued at $13,996,000.59. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,069,785 shares of company stock valued at $254,537,238 in the last quarter. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Continuum Advisory LLC lifted its stake in Palantir Technologies by 3.8% in the 4th quarter. Continuum Advisory LLC now owns 2,670 shares of the company’s stock worth $202,000 after acquiring an additional 98 shares in the last quarter. Heritage Wealth Management Inc. CA boosted its holdings in shares of Palantir Technologies by 0.4% during the fourth quarter. Heritage Wealth Management Inc. CA now owns 29,024 shares of the company’s stock worth $2,195,000 after purchasing an additional 111 shares during the period. True Wealth Design LLC grew its position in Palantir Technologies by 29.3% during the fourth quarter. True Wealth Design LLC now owns 503 shares of the company’s stock valued at $38,000 after purchasing an additional 114 shares in the last quarter. Westover Capital Advisors LLC increased its stake in Palantir Technologies by 1.8% in the 4th quarter. Westover Capital Advisors LLC now owns 7,330 shares of the company’s stock valued at $554,000 after buying an additional 130 shares during the period. Finally, Tritonpoint Wealth LLC lifted its position in Palantir Technologies by 1.9% in the 4th quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock worth $537,000 after buying an additional 132 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Company Profile

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.