Palantir Technologies (NYSE:PLTR) Stock Price Down 2.9%

Palantir Technologies Inc. (NYSE:PLTR)’s stock price dropped 2.9% during mid-day trading on Tuesday . The company traded as low as $36.63 and last traded at $36.84. 29,441,154 shares changed hands during trading, a decline of 49% from the average daily volume of 57,361,750 shares. The stock had previously closed at $37.95.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday. DA Davidson raised their target price on Palantir Technologies from $24.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, August 6th. Citigroup upped their price target on shares of Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Wedbush reiterated an “outperform” rating and issued a $38.00 price objective on shares of Palantir Technologies in a research note on Monday, September 9th. Finally, Mizuho downgraded shares of Palantir Technologies from a “neutral” rating to an “underperform” rating and boosted their price objective for the stock from $21.00 to $22.00 in a report on Tuesday, July 16th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Palantir Technologies has an average rating of “Hold” and a consensus price target of $26.79.

Palantir Technologies Price Performance

The stock has a market cap of $82.15 billion, a price-to-earnings ratio of 307.00 and a beta of 2.72. The stock’s 50-day moving average is $30.76 and its 200-day moving average is $26.00.

Palantir Technologies (NYSE:PLTR) last posted 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 business 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%. Palantir Technologies’s revenue for the quarter was up 27.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.01 EPS. Analysts predict that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

Insider Activity

In related news, insider David A. Glazer sold 90,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $29.36, for a total value of $2,642,400.00. Following the completion of the sale, the insider now directly owns 298,012 shares in the company, valued at $8,749,632.32. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Lauren Elaina Friedman Stat sold 6,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $36.35, for a total transaction of $218,100.00. Following the completion of the sale, the director now directly owns 152,280 shares of the company’s stock, valued at approximately $5,535,378. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David A. Glazer sold 90,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $29.36, for a total value of $2,642,400.00. Following the transaction, the insider now owns 298,012 shares in the company, valued at approximately $8,749,632.32. The disclosure for this sale can be found here. Insiders sold a total of 5,383,238 shares of company stock valued at $190,231,672 in the last 90 days. 12.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds have recently modified their holdings of PLTR. Vanguard Group Inc. lifted its holdings in Palantir Technologies by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after buying an additional 3,029,317 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Palantir Technologies by 15.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after acquiring an additional 1,980,495 shares in the last quarter. ARK Investment Management LLC boosted its holdings in Palantir Technologies by 2.2% in the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after purchasing an additional 277,623 shares during the last quarter. Legal & General Group Plc increased its holdings in Palantir Technologies by 1.4% during the 2nd quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after purchasing an additional 167,030 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its position in shares of Palantir Technologies by 19.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock valued at $226,180,000 after purchasing an additional 1,580,548 shares in 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.