Palantir Technologies (NYSE:PLTR) Stock Price Down 2.5% – What’s Next?

Palantir Technologies Inc. (NYSE:PLTR)’s share price was down 2.5% on Monday . The company traded as low as $73.80 and last traded at $74.45. Approximately 76,957,812 shares changed hands during mid-day trading, an increase of 30% from the average daily volume of 59,093,008 shares. The stock had previously closed at $76.34.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on PLTR shares. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Bank of America upped their target price on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Jefferies Financial Group lowered Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target on the stock. in a research note on Thursday, November 7th. Finally, William Blair reaffirmed an “underperform” rating on shares of Palantir Technologies in a research note on Wednesday, December 4th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $35.64.

Palantir Technologies Trading Down 2.2 %

The stock has a market capitalization of $161.49 billion, a P/E ratio of 354.45, a price-to-earnings-growth ratio of 10.29 and a beta of 2.87. The company has a 50-day moving average price of $53.65 and a two-hundred day moving average price of $37.52.

Palantir Technologies (NYSE:PLTR) last issued its earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $725.52 million during the quarter, compared to the consensus estimate 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 for the quarter was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 earnings per share. Research analysts forecast that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insider Activity at Palantir Technologies

In other news, insider Ryan D. Taylor sold 155,539 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $35.02, for a total value of $5,446,975.78. Following the sale, the insider now owns 331,369 shares of the company’s stock, valued at $11,604,542.38. The trade was a 31.94 % 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 10,721 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $76.78, for a total transaction of $823,158.38. Following the sale, the director now owns 100,923 shares in the company, valued at approximately $7,748,867.94. This trade represents a 9.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 39,407,852 shares of company stock valued at $1,972,536,217 in the last three months. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors have recently bought and sold shares of PLTR. State Street Corp increased its stake in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after acquiring an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after purchasing an additional 16,598,253 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Palantir Technologies by 5.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after purchasing an additional 808,444 shares during the last quarter. ARK Investment Management LLC boosted its position in shares of Palantir Technologies by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock worth $329,875,000 after purchasing an additional 277,623 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Palantir Technologies by 8.8% in the 3rd quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after buying an additional 1,004,603 shares during the last quarter. 45.65% of the stock is owned by institutional investors.

About Palantir Technologies

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.