Palantir Technologies (NASDAQ:PLTR) Trading Down 4.4% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price traded down 4.4% during mid-day trading on Friday . The company traded as low as $65.04 and last traded at $65.22. 33,648,114 shares were traded during trading, a decline of 55% from the average session volume of 75,437,453 shares. The stock had previously closed at $68.23.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Raymond James lowered Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. Mizuho upped their price target on shares of Palantir Technologies from $37.00 to $44.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Jefferies Financial Group cut shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective for the company. in a research note on Thursday, November 7th. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Finally, DA Davidson raised their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $42.12.

Palantir Technologies Price Performance

The company has a fifty day moving average price of $68.42 and a two-hundred day moving average price of $45.38. The company has a market capitalization of $151.83 billion, a P/E ratio of 333.27, a PEG ratio of 10.18 and a beta of 2.82.

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

Insider Transactions at Palantir Technologies

In related news, insider Stephen Andrew Cohen sold 450,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at $42,002.40. This trade represents a 99.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lauren Elaina Friedman Stat sold 8,054 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $50.49, for a total value of $406,646.46. Following the completion of the transaction, the director now directly owns 130,250 shares in the company, valued at approximately $6,576,322.50. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,638,189 shares of company stock worth $1,443,945,933 over the last ninety days. 12.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after purchasing an additional 4,667,955 shares during the period. State of Alaska Department of Revenue raised its stake in Palantir Technologies by 22.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock worth $13,786,000 after buying an additional 68,945 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in Palantir Technologies by 19.2% in the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after acquiring an additional 87,062 shares in the last quarter. Tyler Stone Wealth Management grew its stake in Palantir Technologies by 97.9% in the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock valued at $7,515,000 after acquiring an additional 99,921 shares during the period. Finally, Coldstream Capital Management Inc. acquired a new stake in Palantir Technologies in the third quarter valued at approximately $639,000. Institutional investors and hedge funds 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.