Palantir Technologies (NYSE:PLTR) Shares Down 0.4% Following Insider Selling

Palantir Technologies Inc. (NYSE:PLTR)’s share price traded down 0.4% on Thursday after an insider sold shares in the company. The company traded as low as $61.36 and last traded at $61.86. 23,202,840 shares were traded during mid-day trading, a decline of 60% from the average session volume of 58,661,027 shares. The stock had previously closed at $62.12.

Specifically, insider Alexander C. Karp sold 38,093 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $63.01, for a total value of $2,400,239.93. Following the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $405,296,576.58. This represents a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Alexander C. Karp sold 1,007,496 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $63.96, for a total value of $64,439,444.16. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $411,407,221.68. This represents a 13.54 % decrease in their position. The disclosure for this sale can be found here. In related news, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $63.10, for a total transaction of $283,950,000.00. Following the completion of the transaction, the insider now owns 6,432,258 shares in the company, valued at $405,875,479.80. The trade was a 41.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Deutsche Bank Aktiengesellschaft raised their price objective on Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a report on Tuesday, August 6th. Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. Royal Bank of Canada restated an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a report on Tuesday, August 6th. Monness Crespi & Hardt cut their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday, August 6th. Finally, The Goldman Sachs Group increased their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Stock Performance

The stock has a market cap of $146.55 billion, a PE ratio of 321.67 and a beta of 2.70. The company has a 50 day moving average of $45.94 and a two-hundred day moving average of $33.31.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings data 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 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 analysts’ expectations of $705.11 million. During the same period in the previous year, the business earned $0.03 earnings per share. The business’s revenue was up 30.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLTR. Summit Securities Group LLC purchased a new stake in shares of Palantir Technologies during the second quarter worth $25,000. Farmers & Merchants Investments Inc. acquired a new position in Palantir Technologies during the second quarter worth about $25,000. Northwest Investment Counselors LLC purchased a new stake in Palantir Technologies during the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC lifted its stake in 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 purchasing an additional 650 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Palantir Technologies in the 2nd quarter worth approximately $30,000. 45.65% of the stock is owned by hedge funds and other 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.