Palantir Technologies (NASDAQ:PLTR) Shares Down 2.1% – Should You Sell?

Palantir Technologies Inc. (NASDAQ:PLTR) shares were down 2.1% on Wednesday . The stock traded as low as $92.84 and last traded at $94.45. Approximately 30,151,258 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 66,273,912 shares. The stock had previously closed at $96.50.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PLTR. Wedbush reissued an “outperform” rating and issued a $120.00 price target on shares of Palantir Technologies in a report on Monday, March 3rd. Jefferies Financial Group boosted their target price on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. William Blair set a $84.00 price target on Palantir Technologies in a research report on Wednesday, March 5th. DA Davidson lifted their price objective on Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Citigroup increased their target price on Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and an average target price of $74.45.

Palantir Technologies Price Performance

The company has a market cap of $205.33 billion, a price-to-earnings ratio of 462.08, a P/E/G ratio of 10.84 and a beta of 2.81. The firm has a 50-day moving average price of $91.70 and a 200 day moving average price of $68.69.

Insider Activity

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 310,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $87.07, for a total transaction of $26,991,700.00. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at $51,545.44. The trade was a 99.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ryan D. Taylor sold 483,987 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the sale, the insider now directly owns 170,273 shares of the company’s stock, valued at $12,681,933.04. This represents a 73.97 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 3,379,785 shares of company stock worth $281,528,938. 12.93% of the stock is currently owned by company insiders.

Institutional Trading of Palantir Technologies

Hedge funds have recently made changes to their positions in the company. Roxbury Financial LLC purchased a new stake in Palantir Technologies during the fourth quarter valued at about $27,000. First PREMIER Bank purchased a new stake in Palantir Technologies in the fourth quarter valued at approximately $28,000. Wolff Wiese Magana LLC raised its position in shares of Palantir Technologies by 230.4% during 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 in the last quarter. HighMark Wealth Management LLC grew its position in Palantir Technologies by 73.5% during the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after acquiring an additional 166 shares during the last quarter. Finally, Sierra Ocean LLC bought a new stake in shares of Palantir Technologies in the 4th quarter worth approximately $31,000. 45.65% of the stock is currently owned by 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.