Palantir Technologies (NYSE:PLTR) Shares Down 3.3% Following Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) dropped 3.3% on Wednesday after an insider sold shares in the company. The company traded as low as $40.36 and last traded at $41.01. Approximately 23,643,018 shares were traded during trading, a decline of 59% from the average daily volume of 57,138,219 shares. The stock had previously closed at $42.43.

Specifically, Director Lauren Elaina Friedman Stat sold 7,321 shares of the business’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $43.90, for a total value of $321,391.90. Following the sale, the director now owns 138,304 shares of the company’s stock, valued at approximately $6,071,545.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Northland Securities assumed coverage on Palantir Technologies in a research report on Thursday, August 22nd. They set a “market perform” rating and a $35.00 target price on the stock. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Royal Bank of Canada reiterated an “underperform” rating and set a $9.00 price target on shares of Palantir Technologies in a report on Tuesday, August 6th. Citigroup lifted their price target on Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Wedbush lifted their price target on Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a report on Thursday, September 26th. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $27.29.

Palantir Technologies Price Performance

The business has a 50 day simple moving average of $35.09 and a 200 day simple moving average of $27.82. The stock has a market cap of $93.31 billion, a PE ratio of 349.17 and a beta of 2.72.

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

Institutional Trading of Palantir Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PLTR. EP Wealth Advisors LLC lifted its position in shares of Palantir Technologies by 25.1% in the fourth quarter. EP Wealth Advisors LLC now owns 16,516 shares of the company’s stock worth $284,000 after buying an additional 3,316 shares during the last quarter. Fisher Asset Management LLC bought a new stake in Palantir Technologies during the 4th quarter valued at approximately $727,000. PNC Financial Services Group Inc. boosted its stake in Palantir Technologies by 11.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 57,069 shares of the company’s stock valued at $980,000 after purchasing an additional 5,759 shares during the period. HighPoint Advisor Group LLC bought a new stake in Palantir Technologies during the 4th quarter valued at approximately $678,000. Finally, Kapitalo Investimentos Ltda boosted its stake in Palantir Technologies by 105.4% during the 4th quarter. Kapitalo Investimentos Ltda now owns 9,256 shares of the company’s stock valued at $159,000 after purchasing an additional 4,750 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

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.