Palantir Technologies (NYSE:PLTR) Shares Down 6.6% Following Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) shares fell 6.6% during trading on Monday after an insider sold shares in the company. The stock traded as low as $58.85 and last traded at $61.44. 63,943,051 shares were traded during trading, an increase of 9% from the average session volume of 58,410,379 shares. The stock had previously closed at $65.77.

Specifically, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $63.10, for a total transaction of $283,950,000.00. Following the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $405,875,479.80. This represents a 41.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alexander C. Karp sold 1,823,602 shares of Palantir Technologies stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $63.12, for a total value of $115,105,758.24. Following the sale, the insider now directly owns 6,432,258 shares in the company, valued at $406,004,124.96. The trade was a 22.09 % decrease in their position. The disclosure for this sale can be found here. In related news, Director Lauren Elaina Friedman Stat sold 8,860 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $58.06, for a total transaction of $514,411.60. Following the completion of the sale, the director now directly owns 121,390 shares in the company, valued at approximately $7,047,903.40. This trade represents a 6.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PLTR. Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. DA Davidson upped their price target on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Royal Bank of Canada reissued an “underperform” rating and set a $9.00 price objective on shares of Palantir Technologies in a report on Tuesday, August 6th. Monness Crespi & Hardt lowered their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research report on Tuesday, August 6th. Finally, Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies currently has a consensus rating of “Hold” and an average price target of $31.71.

Palantir Technologies Stock Up 2.8 %

The business’s 50-day moving average price is $44.29 and its 200 day moving average price is $32.64. The company has a market capitalization of $143.45 billion, a P/E ratio of 314.87 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm’s revenue was up 30.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.03 earnings per share. Analysts anticipate that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Institutional Trading of Palantir Technologies

A number of hedge funds have recently made changes to their positions in PLTR. ProShare Advisors LLC bought a new position in shares of Palantir Technologies during the first quarter valued at $262,000. Orion Portfolio Solutions LLC lifted its position in shares of Palantir Technologies by 7.2% in the first quarter. Orion Portfolio Solutions LLC now owns 58,715 shares of the company’s stock valued at $1,351,000 after acquiring an additional 3,922 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in Palantir Technologies by 29.5% during the first quarter. O Shaughnessy Asset Management LLC now owns 79,854 shares of the company’s stock valued at $1,837,000 after acquiring an additional 18,170 shares in the last quarter. UniSuper Management Pty Ltd increased its stake in Palantir Technologies by 95.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 26,400 shares of the company’s stock worth $607,000 after acquiring an additional 12,900 shares during the last quarter. Finally, Crewe Advisors LLC purchased a new stake in shares of Palantir Technologies during the 1st quarter valued at about $59,000. 45.65% of the stock is owned by institutional investors.

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.