Palantir Technologies (NYSE:PLTR) Stock Price Down 0.9% Following Insider Selling

Shares of Palantir Technologies Inc. (NYSE:PLTR) traded down 0.9% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $36.38 and last traded at $36.55. 17,679,189 shares changed hands during trading, a decline of 69% from the average session volume of 57,404,324 shares. The stock had previously closed at $36.90.

Specifically, Director Lauren Elaina Friedman Stat sold 6,655 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $38.17, for a total value of $254,021.35. Following the transaction, the director now directly owns 145,625 shares of the company’s stock, valued at $5,558,506.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

Several research analysts have commented on PLTR shares. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday. The Goldman Sachs Group raised their target price on shares of Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. DA Davidson upped their price target on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Argus initiated coverage on Palantir Technologies in a research note on Monday, June 17th. They issued a “buy” rating and a $29.00 price target for the company. Finally, Citigroup boosted their price objective on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.29.

Palantir Technologies Stock Performance

The firm has a market capitalization of $82.59 billion, a P/E ratio of 305.94 and a beta of 2.72. The firm has a 50 day simple moving average of $31.27 and a two-hundred day simple moving average of $26.23.

Palantir Technologies (NYSE:PLTR) last released its earnings results on Monday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). The business had revenue of $678.13 million during the quarter, compared to the consensus estimate of $653.23 million. Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The business’s revenue was up 27.2% on a year-over-year basis. During the same period in the prior year, the company earned $0.01 earnings per share. Sell-side analysts anticipate that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PLTR. Summit Securities Group LLC purchased a new stake in Palantir Technologies during the 2nd quarter worth about $25,000. Farmers & Merchants Investments Inc. purchased a new stake in shares of Palantir Technologies in the second quarter worth about $25,000. West Paces Advisors Inc. boosted its position in shares of Palantir Technologies by 110.7% in the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after acquiring an additional 620 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in Palantir Technologies during the second quarter valued at approximately $30,000. Finally, Massmutual Trust Co. FSB ADV increased its holdings in Palantir Technologies by 105.3% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock worth $31,000 after acquiring an additional 691 shares during the period. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.