Palantir Technologies (NYSE:PLTR) Trading Down 0.1% Following Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) traded down 0.1% on Wednesday following insider selling activity. The company traded as low as $29.31 and last traded at $30.49. 15,225,664 shares were traded during mid-day trading, a decline of 72% from the average session volume of 54,306,484 shares. The stock had previously closed at $30.51.

Specifically, insider Heather A. Planishek sold 14,016 shares of the stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $30.67, for a total value of $429,870.72. Following the sale, the insider now directly owns 576,023 shares in the company, valued at $17,666,625.41. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Mizuho cut Palantir Technologies from a “neutral” rating to an “underperform” rating and increased their price objective for the company from $21.00 to $22.00 in a research note on Tuesday, July 16th. Northland Securities initiated coverage on Palantir Technologies in a research note on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 price objective on the stock. Monness Crespi & Hardt cut their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research note on Tuesday, August 6th. The Goldman Sachs Group raised their price target on Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Finally, DA Davidson raised their price target on Palantir Technologies from $24.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Palantir Technologies presently has a consensus rating of “Hold” and an average price target of $25.00.

Palantir Technologies Stock Performance

The stock has a market capitalization of $67.19 billion, a price-to-earnings ratio of 251.42, a P/E/G ratio of 5.55 and a beta of 2.72. The company has a 50-day moving average of $28.71 and a 200-day moving average of $25.04.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). The company had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The company’s revenue for the quarter was up 27.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.01 earnings per share. As a group, analysts expect that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Evolution Wealth Advisors LLC raised its holdings in Palantir Technologies by 0.5% in the 2nd quarter. Evolution Wealth Advisors LLC now owns 73,144 shares of the company’s stock valued at $1,853,000 after acquiring an additional 360 shares during the last quarter. First Horizon Advisors Inc. grew its stake in shares of Palantir Technologies by 2.6% during the 2nd quarter. First Horizon Advisors Inc. now owns 15,235 shares of the company’s stock valued at $386,000 after buying an additional 379 shares during the period. Gradient Investments LLC grew its stake in shares of Palantir Technologies by 21.4% during the 2nd quarter. Gradient Investments LLC now owns 2,306 shares of the company’s stock valued at $58,000 after buying an additional 406 shares during the period. Apella Capital LLC grew its stake in shares of Palantir Technologies by 3.7% during the 2nd quarter. Apella Capital LLC now owns 11,791 shares of the company’s stock valued at $323,000 after buying an additional 416 shares during the period. Finally, Valeo Financial Advisors LLC grew its stake in shares of Palantir Technologies by 1.2% during the 2nd quarter. Valeo Financial Advisors LLC now owns 36,177 shares of the company’s stock valued at $916,000 after buying an additional 416 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

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.