Palantir Technologies (NASDAQ:PLTR) Stock Price Down 2.1% – What’s Next?

Palantir Technologies Inc. (NASDAQ:PLTR) shares dropped 2.1% during mid-day trading on Wednesday . The stock traded as low as $77.81 and last traded at $78.58. Approximately 17,886,380 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 67,586,273 shares. The stock had previously closed at $80.23.

Wall Street Analyst Weigh In

PLTR has been the topic of several recent research reports. The Goldman Sachs Group lifted their price objective on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Bank of America lifted their price objective 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. Cantor Fitzgerald began coverage on shares of Palantir Technologies in a research note on Friday, January 17th. They issued a “neutral” rating and a $72.00 price objective on the stock. Jefferies Financial Group cut shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price for the company. in a report on Thursday, November 7th. Finally, Mizuho raised their target price on shares of Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $44.61.

Palantir Technologies Stock Performance

The company has a market cap of $182.71 billion, a P/E ratio of 401.11, a P/E/G ratio of 7.08 and a beta of 2.82. The firm has a 50 day moving average price of $72.59 and a two-hundred day moving average price of $49.89.

Palantir Technologies (NASDAQ:PLTR) last issued its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same quarter last year, the company earned $0.03 EPS. The firm’s revenue was up 30.0% compared to the same quarter last year. On average, sell-side analysts predict that Palantir Technologies Inc. will post 0.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palantir Technologies news, insider Heather A. Planishek sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $49.96, for a total value of $999,200.00. Following the sale, the insider now owns 562,006 shares of the company’s stock, valued at $28,077,819.76. This trade represents a 3.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lauren Elaina Friedman Stat sold 8,054 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 130,250 shares in the company, valued at approximately $6,576,322.50. The trade was a 5.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,181,807 shares of company stock worth $1,288,448,522 in the last quarter. 12.93% of the stock is owned by company insiders.

Institutional Trading of Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp raised its holdings in shares of Palantir Technologies by 96.4% during the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after buying an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after buying an additional 16,598,253 shares in the last quarter. International Assets Investment Management LLC raised its holdings in shares of Palantir Technologies by 3,476.2% during the 3rd quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock valued at $254,162,000 after buying an additional 6,641,253 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after buying an additional 4,667,955 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Palantir Technologies by 943.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock valued at $122,788,000 after buying an additional 2,984,348 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

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.