Palantir Technologies (NASDAQ:PLTR) Shares Down 0.1% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price dropped 0.1% during mid-day trading on Thursday . The stock traded as low as $81.30 and last traded at $82.28. Approximately 23,096,170 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 61,552,875 shares. The stock had previously closed at $82.38.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PLTR. Northland Securities upped their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 5th. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. UBS Group initiated coverage on Palantir Technologies in a research note on Thursday, December 19th. They issued a “neutral” rating and a $80.00 price target for the company. William Blair reiterated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Finally, Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Six research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $41.00.

Palantir Technologies Stock Up 1.1 %

The stock has a market capitalization of $189.80 billion, a PE ratio of 416.62, a PEG ratio of 10.18 and a beta of 2.87. The stock’s 50 day moving average price is $61.42 and its 200-day moving average price is $41.62.

Palantir Technologies (NASDAQ:PLTR) last released its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm’s revenue was up 30.0% on a year-over-year basis. During the same quarter last year, the business posted $0.03 earnings per share. On average, analysts forecast that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insider Buying and Selling

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 416,053 shares of Palantir Technologies stock in a transaction on Friday, December 13th. The shares were sold at an average price of $74.17, for a total value of $30,858,651.01. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $43,908.64. This trade represents a 99.86 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Lauren Elaina Friedman Stat sold 10,721 shares of Palantir Technologies stock in a transaction dated 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 transaction, the director now owns 100,923 shares of the company’s stock, valued at approximately $7,748,867.94. This represents a 9.60 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,351,045 shares of company stock worth $1,710,644,202. Corporate insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Raymond James Trust N.A. bought a new stake in shares of Palantir Technologies during the 2nd quarter worth approximately $241,000. Harbour Investments Inc. boosted its stake in shares of Palantir Technologies by 8.0% during the second quarter. Harbour Investments Inc. now owns 38,147 shares of the company’s stock valued at $966,000 after purchasing an additional 2,810 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Palantir Technologies by 6.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 440,458 shares of the company’s stock worth $11,157,000 after purchasing an additional 25,096 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new stake in Palantir Technologies during the 2nd quarter valued at about $583,000. Finally, UMB Bank n.a. boosted its position in Palantir Technologies by 93.9% in the 2nd quarter. UMB Bank n.a. now owns 274,814 shares of the company’s stock valued at $6,961,000 after buying an additional 133,087 shares during the period. 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.