Palantir Technologies (NYSE:PLTR) Trading Down 1.5% on Insider Selling

Palantir Technologies Inc. (NYSE:PLTR)’s stock price was down 1.5% on Wednesday following insider selling activity. The stock traded as low as $68.63 and last traded at $69.89. Approximately 32,490,301 shares changed hands during trading, a decline of 45% from the average daily volume of 58,695,305 shares. The stock had previously closed at $70.96.

Specifically, insider Shyam Sankar sold 5,250,000 shares of the company’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total value of $367,920,000.00. Following the completion of the transaction, the insider now owns 752,786 shares of the company’s stock, valued at approximately $52,755,242.88. This represents a 87.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Shyam Sankar sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $66.59, for a total value of $1,997,700.00. Following the sale, the insider now directly owns 752,786 shares in the company, valued at approximately $50,128,019.74. This represents a 3.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price for the company. in a research report on Thursday, November 7th. Bank of America increased their price objective on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 25th. The Goldman Sachs Group upped their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Raymond James cut shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Finally, Northland Securities boosted their price target on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 5th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies currently has a consensus rating of “Hold” and an average price target of $35.64.

Palantir Technologies Price Performance

The company has a market cap of $163.72 billion, a PE ratio of 359.35, a price-to-earnings-growth ratio of 9.59 and a beta of 2.87. The company has a 50-day moving average of $51.46 and a 200 day moving average of $36.20.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. Equities research analysts expect that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds have recently added to or reduced their stakes in PLTR. Charles Schwab Investment Management Inc. boosted its holdings in 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 acquiring an additional 4,667,955 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Palantir Technologies by 22.9% during the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock valued at $13,786,000 after purchasing an additional 68,945 shares during the period. Oppenheimer & Co. Inc. increased its stake in Palantir Technologies by 19.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after buying an additional 87,062 shares during the period. Tyler Stone Wealth Management grew its stake in Palantir Technologies by 97.9% in the 3rd quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock worth $7,515,000 after acquiring an additional 99,921 shares in the last quarter. Finally, Boston Family Office LLC increased its position in shares of Palantir Technologies by 48.0% during the third quarter. Boston Family Office LLC now owns 37,000 shares of the company’s stock worth $1,376,000 after acquiring an additional 12,000 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Company Profile

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.