Palantir Technologies (NASDAQ:PLTR) Shares Down 9.7% After Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price fell 9.7% on Thursday after an insider sold shares in the company. The company traded as low as $152.60 and last traded at $154.99. Approximately 48,871,180 shares traded hands during mid-day trading, an increase of 18% from the average daily volume of 41,323,914 shares. The stock had previously closed at $171.70.

Specifically, Director Lauren Friedman Stat sold 1,358 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $186.29, for a total transaction of $252,981.82. Following the completion of the sale, the director directly owned 45,044 shares in the company, valued at $8,391,246.76. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PLTR. Truist Financial restated a “buy” rating and issued a $250.00 target price (up from $223.00) on shares of Palantir Technologies in a report on Tuesday. Robert W. Baird set a $250.00 price target on Palantir Technologies in a report on Monday, October 12th. The Goldman Sachs Group reiterated a “buy” rating and set a $235.00 price target on shares of Palantir Technologies in a report on Tuesday. Morgan Stanley lifted their price objective on Palantir Technologies from $205.00 to $233.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Cantor Fitzgerald boosted their price objective on Palantir Technologies from $156.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, Palantir Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $214.53.

More Palantir Technologies News

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Palantir reported quarterly revenue of $2.31 billion, up 95.9% year over year, and earnings of $0.44 per share, both ahead of consensus estimates. The company’s accelerating AI business and record growth support its long-term outlook. Palantir’s quarterly results
• Positive Sentiment: Some investors and analysts remain constructive: ARK Invest reportedly bought $11.2 million of Palantir shares, and several analysts have raised or reaffirmed bullish ratings and price targets. ARK Invest purchase
• Negative Sentiment: Investors are concerned that contract growth is cooling despite fast revenue growth. Reports cited a sharp slowdown in total contract value growth, raising questions about how quickly current AI demand will convert into future bookings. Contract growth concerns
• Negative Sentiment: Palantir’s premium valuation leaves little room for concerns to be overlooked. Investors are also weighing possible cuts to a proposed defense budget and a wider market pullback from high-growth AI and software stocks. Defense spending and market concerns

Palantir Technologies Stock Performance

The firm’s 50 day moving average price is $186.84 and its two-hundred day moving average price is $153.86. The company has a market cap of $372.45 billion, a P/E ratio of 108.38, a price-to-earnings-growth ratio of 3.04 and a beta of 1.65.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings results on Monday, November 2nd. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.18 billion. Palantir Technologies had a return on equity of 30.49% and a net margin of 50.34%. The firm’s revenue for the quarter was up 95.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.21 EPS. As a group, analysts forecast that Palantir Technologies Inc. will post 1.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the company. Axiom Investment Management LLC increased its position in shares of Palantir Technologies by 181.8% during the third quarter. Axiom Investment Management LLC now owns 155 shares of the company’s stock worth $29,000 after acquiring an additional 100 shares in the last quarter. Navigoe LLC raised its holdings in shares of Palantir Technologies by 17,500.0% in the 3rd quarter. Navigoe LLC now owns 176 shares of the company’s stock worth $32,000 after acquiring an additional 175 shares during the last quarter. Laurel Wealth Advisors LLC bought a new position in Palantir Technologies in the 3rd quarter valued at about $35,000. Cranbrook Wealth Management LLC lifted its position in Palantir Technologies by 40.7% in the 3rd quarter. Cranbrook Wealth Management LLC now owns 197 shares of the company’s stock valued at $37,000 after acquiring an additional 57 shares in the last quarter. Finally, Ballast Advisors LLC bought a new position in Palantir Technologies in the 1st quarter valued at about $29,000. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies Inc develops software platforms that help government agencies and commercial organizations integrate, analyze and act on data. Its products are designed to support complex operations such as defense and intelligence, supply-chain management, manufacturing, healthcare and other data-intensive activities.

Palantir’s principal platforms include Gotham, which is primarily used by government and defense customers; Foundry, which helps commercial and institutional users build data-driven workflows; Apollo, a platform for deploying and managing software across diverse environments; and the Artificial Intelligence Platform (AIP), which connects generative artificial intelligence capabilities with an organization’s data and operational systems.

Founded in 2003, the company initially focused on software for government and national-security applications before expanding into commercial markets.