Palantir Technologies (NASDAQ:PLTR) Trading Down 3.3% – What’s Next?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) dropped 3.3% on Friday . The stock traded as low as $77.93 and last traded at $79.44. Approximately 30,615,871 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 61,569,836 shares. The stock had previously closed at $82.14.

Wall Street Analysts Forecast Growth

PLTR has been the topic of a number of recent analyst reports. DA Davidson lifted their price objective on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. William Blair restated an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday, December 18th. The Goldman Sachs Group upped their price objective on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Bank of America lifted their target price on shares of Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, UBS Group began coverage on shares of Palantir Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $80.00 price target on the stock. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $41.00.

Palantir Technologies Price Performance

The company has a fifty day moving average price of $62.22 and a 200 day moving average price of $41.90. The stock has a market cap of $179.21 billion, a P/E ratio of 393.37, a P/E/G ratio of 10.18 and a beta of 2.87.

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

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 416,053 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $74.17, for a total transaction of $30,858,651.01. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $43,908.64. This trade represents a 99.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 10,721 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $76.78, for a total transaction of $823,158.38. Following the completion of the sale, the director now owns 100,923 shares of the company’s stock, valued at approximately $7,748,867.94. The trade was a 9.60 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,361,841 shares of company stock worth $1,563,283,006. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PLTR. Farmers & Merchants Investments Inc. bought a new stake in Palantir Technologies during the second quarter worth $25,000. Northwest Investment Counselors LLC bought a new stake in shares of Palantir Technologies during the 3rd quarter worth $25,000. Prestige Wealth Management Group LLC boosted its holdings in shares of Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after buying an additional 650 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in Palantir Technologies during the second quarter valued at about $30,000. Finally, Ashburton Jersey Ltd purchased a new stake in Palantir Technologies during the second quarter worth about $36,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.