Palantir Technologies (NYSE:PLTR) Shares Down 2% After Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) shares were down 2% on Tuesday following insider selling activity. The company traded as low as $36.43 and last traded at $36.46. Approximately 20,304,463 shares changed hands during trading, a decline of 64% from the average daily volume of 57,161,164 shares. The stock had previously closed at $37.20.

Specifically, Director Peter Thiel sold 4,181,118 shares of the company’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $36.91, for a total value of $154,325,065.38. Following the completion of the sale, the director now owns 38,502,451 shares in the company, valued at $1,421,125,466.41. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Peter Thiel sold 3,989,204 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $36.94, for a total value of $147,361,195.76. Following the transaction, the director now owns 42,683,569 shares of the company’s stock, valued at $1,576,731,038.86. The disclosure for this sale can be found here. In other Palantir Technologies news, Director Peter Thiel sold 4,254,666 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $36.77, for a total transaction of $156,444,068.82. Following the sale, the director now owns 51,234,275 shares in the company, valued at approximately $1,883,884,291.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PLTR. Mizuho downgraded shares of Palantir Technologies from a “neutral” rating to an “underperform” rating and raised their price objective for the company from $21.00 to $22.00 in a research report on Tuesday, July 16th. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Deutsche Bank Aktiengesellschaft boosted their price target on Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a report on Tuesday, August 6th. Wedbush lifted their price objective on shares of Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Finally, The Goldman Sachs Group upped their target price on shares of Palantir Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $27.29.

Palantir Technologies Stock Up 2.5 %

The company has a market capitalization of $86.04 billion, a P/E ratio of 312.61 and a beta of 2.72. The company has a 50 day simple moving average of $31.98 and a two-hundred day simple moving average of $26.59.

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

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently made changes to their positions in PLTR. Vanguard Group Inc. lifted its stake in Palantir Technologies by 1.6% in the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after purchasing an additional 3,029,317 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Palantir Technologies by 15.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock valued at $335,284,000 after acquiring an additional 1,980,495 shares during the last quarter. ARK Investment Management LLC increased its stake in Palantir Technologies by 2.2% in the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock worth $329,875,000 after purchasing an additional 277,623 shares during the period. Legal & General Group Plc lifted its position in shares of Palantir Technologies by 1.4% during the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after purchasing an additional 167,030 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Palantir Technologies by 19.2% during the first quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock valued at $226,180,000 after purchasing an additional 1,580,548 shares during the period. 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.