Palantir Technologies (NYSE:PLTR) Stock Price Down 2% on Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) shares traded down 2% during mid-day trading on Friday following insider selling activity. The stock traded as low as $29.50 and last traded at $29.56. 15,015,182 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 53,994,754 shares. The stock had previously closed at $30.16.

Specifically, Director Alexander D. Moore sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total value of $617,800.00. Following the completion of the sale, the director now directly owns 1,510,630 shares in the company, valued at $46,663,360.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Heather A. Planishek sold 14,016 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $30.67, for a total value of $429,870.72. Following the transaction, the insider now owns 576,023 shares in the company, valued at approximately $17,666,625.41. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of equities analysts have weighed in on PLTR shares. Wedbush restated an “outperform” rating and set a $35.00 price objective on shares of Palantir Technologies in a research report on Friday, August 2nd. Northland Securities started coverage on shares of Palantir Technologies in a research note on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 price target on the stock. Royal Bank of Canada reiterated an “underperform” rating and issued a $9.00 price objective on shares of Palantir Technologies in a report on Tuesday, August 6th. Jefferies Financial Group increased their target price on Palantir Technologies from $24.00 to $28.00 and gave the company a “hold” rating in a report on Monday, July 29th. Finally, Mizuho lowered Palantir Technologies from a “neutral” rating to an “underperform” rating and lifted their price target for the stock from $21.00 to $22.00 in a research note on Tuesday, July 16th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $25.00.

Palantir Technologies Trading Up 0.6 %

The firm has a fifty day moving average price of $28.81 and a 200 day moving average price of $25.09. The firm has a market cap of $67.54 billion, a PE ratio of 252.75, a price-to-earnings-growth ratio of 5.55 and a beta of 2.72.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PLTR. Summit Securities Group LLC purchased a new position in shares of Palantir Technologies during the 2nd quarter worth $25,000. Farmers & Merchants Investments Inc. purchased a new position in Palantir Technologies during the second quarter worth about $25,000. West Paces Advisors Inc. increased its position in shares of Palantir Technologies by 110.7% during the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after acquiring an additional 620 shares during the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Palantir Technologies by 105.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock worth $31,000 after acquiring an additional 691 shares during the last quarter. Finally, Bogart Wealth LLC lifted its holdings in shares of Palantir Technologies by 332.8% in the 1st quarter. Bogart Wealth LLC now owns 1,385 shares of the company’s stock worth $32,000 after acquiring an additional 1,065 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.