Palantir Technologies (NASDAQ:PLTR) Shares Down 1.4% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price was down 1.4% during mid-day trading on Tuesday . The stock traded as low as $95.08 and last traded at $95.39. Approximately 35,257,297 shares changed hands during trading, a decline of 64% from the average daily volume of 98,681,977 shares. The stock had previously closed at $96.75.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PLTR shares. Loop Capital dropped their price objective on Palantir Technologies from $141.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. DA Davidson raised their price target on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Bank of America lifted their price objective on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $95.00 in a research report on Tuesday, February 4th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $120.00 price target on shares of Palantir Technologies in a research report on Monday, March 3rd. Five analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $74.45.

Palantir Technologies Stock Performance

The stock has a 50-day simple moving average of $91.28 and a 200 day simple moving average of $68.54. The stock has a market capitalization of $210.73 billion, a P/E ratio of 479.61, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 310,000 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $87.07, for a total transaction of $26,991,700.00. Following the completion of the sale, the insider now owns 592 shares in the company, valued at approximately $51,545.44. The trade was a 99.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ryan D. Taylor sold 483,987 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total value of $36,047,351.76. Following the completion of the transaction, the insider now directly owns 170,273 shares in the company, valued at approximately $12,681,933.04. This trade represents a 73.97 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,379,785 shares of company stock worth $281,528,938 over the last 90 days. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the company. Roxbury Financial LLC bought a new stake in shares of Palantir Technologies in the fourth quarter worth about $27,000. First PREMIER Bank acquired a new stake in shares of Palantir Technologies during the fourth quarter worth $28,000. Wolff Wiese Magana LLC lifted its position in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares in the last quarter. HighMark Wealth Management LLC boosted its stake in Palantir Technologies by 73.5% in the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after purchasing an additional 166 shares during the period. Finally, Sierra Ocean LLC bought a new position in Palantir Technologies during the 4th quarter worth about $31,000. 45.65% of the stock is owned by institutional investors.

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.