Palantir Technologies (NASDAQ:PLTR) Stock Price Down 1.1% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) shares were down 1.1% on Tuesday . The company traded as low as $130.46 and last traded at $130.59. Approximately 25,061,006 shares were traded during trading, a decline of 69% from the average daily volume of 79,836,337 shares. The stock had previously closed at $132.06.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Daiwa Capital Markets assumed coverage on shares of Palantir Technologies in a research note on Tuesday, April 1st. They set a “neutral” rating and a $90.00 target price on the stock. Citigroup boosted their price objective on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Royal Bank of Canada reaffirmed an “underperform” rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Finally, UBS Group upped their target price on shares of Palantir Technologies from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and a consensus price target of $83.95.

Palantir Technologies Stock Performance

The stock has a market capitalization of $311.19 billion, a PE ratio of 691.78, a P/E/G ratio of 10.84 and a beta of 2.64. The company’s fifty day simple moving average is $110.90 and its two-hundred day simple moving average is $93.06.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.13. The firm had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. Palantir Technologies had a return on equity of 6.85% and a net margin of 16.13%. The company’s quarterly revenue was up 39.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.08 EPS. Sell-side analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Transactions at Palantir Technologies

In related news, insider Alexander C. Karp sold 39,825 shares of the stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total value of $5,016,755.25. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $810,271,540.26. This represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $85.30, for a total value of $106,625,000.00. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $50,497.60. This trade represents a 99.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,894,925 shares of company stock worth $369,820,528 in the last ninety days. Insiders own 9.23% of the company’s stock.

Institutional Trading of Palantir Technologies

A number of hedge funds have recently made changes to their positions in PLTR. 1248 Management LLC purchased a new stake in Palantir Technologies during the 1st quarter worth $37,000. CBIZ Investment Advisory Services LLC boosted its holdings in Palantir Technologies by 118.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 413 shares of the company’s stock valued at $35,000 after purchasing an additional 224 shares during the last quarter. Modern Wealth Management LLC increased its holdings in Palantir Technologies by 141.1% during the 1st quarter. Modern Wealth Management LLC now owns 18,114 shares of the company’s stock worth $1,529,000 after purchasing an additional 10,601 shares during the last quarter. Strs Ohio acquired a new position in shares of Palantir Technologies in the 1st quarter valued at approximately $13,364,000. Finally, Wealth Management Associates Inc. boosted its stake in shares of Palantir Technologies by 1.4% during the 1st quarter. Wealth Management Associates Inc. now owns 49,249 shares of the company’s stock valued at $4,157,000 after buying an additional 682 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.