Palantir Technologies (NYSE:PLTR) Shares Down 2% After Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) shares dropped 2% during trading on Tuesday after an insider sold shares in the company. The stock traded as low as $36.43 and last traded at $36.46. Approximately 20,304,463 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 57,161,164 shares. The stock had previously closed at $37.20.

Specifically, Director Peter Thiel sold 4,181,118 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $36.91, for a total value of $154,325,065.38. Following the completion of the sale, the director now owns 38,502,451 shares in the company, valued at $1,421,125,466.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter Thiel sold 3,989,204 shares of Palantir Technologies stock in a transaction on Friday, September 27th. The shares were sold at an average price of $36.94, for a total value of $147,361,195.76. Following the sale, the director now directly owns 42,683,569 shares of the company’s stock, valued at $1,576,731,038.86. The disclosure for this sale can be found here. In other news, Director Peter Thiel sold 4,254,666 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $36.77, for a total transaction of $156,444,068.82. Following the transaction, the director now owns 51,234,275 shares of the company’s stock, valued at approximately $1,883,884,291.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PLTR. DA Davidson increased their target price on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Argus began coverage on shares of Palantir Technologies in a report on Monday, June 17th. They set a “buy” rating and a $29.00 price objective on the stock. Citigroup upped their target price on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price target on Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group upped their price objective on Palantir Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $27.29.

Palantir Technologies Trading Up 2.5 %

The business has a fifty day moving average of $31.98 and a two-hundred day moving average of $26.59. The company has a market cap of $86.04 billion, a price-to-earnings ratio of 312.61 and a beta of 2.72.

Palantir Technologies (NYSE:PLTR) last announced its earnings results on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The business had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. During the same period in the previous year, the company earned $0.01 earnings per share. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. On average, research analysts forecast that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

Institutional Trading of Palantir Technologies

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Palantir Technologies by 1.6% during the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after purchasing an additional 3,029,317 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Palantir Technologies by 15.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after purchasing an additional 1,980,495 shares during the last quarter. ARK Investment Management LLC grew its holdings in shares of Palantir Technologies by 2.2% during the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock worth $329,875,000 after buying an additional 277,623 shares in the last quarter. Legal & General Group Plc raised its position in shares of Palantir Technologies by 1.4% in the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock valued at $301,871,000 after buying an additional 167,030 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its stake in shares of Palantir Technologies by 19.2% in the first quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock worth $226,180,000 after buying an additional 1,580,548 shares in the last quarter. 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.