Palantir Technologies (NASDAQ:PLTR) Trading Down 1.8% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 1.8% on Tuesday . The company traded as low as $114.33 and last traded at $114.61. Approximately 43,390,789 shares were traded during trading, a decline of 48% from the average daily volume of 82,687,094 shares. The stock had previously closed at $116.65.

Analyst Upgrades and Downgrades

Several analysts have weighed in on PLTR shares. Cantor Fitzgerald boosted their price objective on Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Robert W. Baird boosted their price objective on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Baird R W upgraded Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Finally, Citigroup upped their target price 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. Six research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $69.44.

Palantir Technologies Stock Performance

The firm’s 50-day moving average price is $78.34 and its two-hundred day moving average price is $54.24. The stock has a market cap of $257.75 billion, a price-to-earnings ratio of 594.68, a PEG ratio of 11.44 and a beta of 2.81.

Insider Activity at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 11,794 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $102.80, for a total transaction of $1,212,423.20. Following the completion of the transaction, the director now directly owns 88,129 shares of the company’s stock, valued at $9,059,661.20. This represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Alexander C. Karp sold 38,093 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $63.01, for a total transaction of $2,400,239.93. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at $405,296,576.58. The trade was a 0.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,656,687 shares of company stock worth $1,040,105,687 in the last three months. 12.93% of the stock is owned by company insiders.

Institutional Trading of Palantir Technologies

Hedge funds have recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC acquired a new stake in shares of Palantir Technologies in the 3rd quarter worth about $25,000. Prestige Wealth Management Group LLC lifted its position in shares of Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after acquiring an additional 650 shares in the last quarter. Roxbury Financial LLC purchased a new position in shares of Palantir Technologies during the fourth quarter valued at $27,000. First PREMIER Bank acquired a new stake in shares of Palantir Technologies during the fourth quarter worth approximately $28,000. Finally, Wolff Wiese Magana LLC increased its stake in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after buying an additional 265 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

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.