Palantir Technologies (NASDAQ:PLTR) Shares Down 4.9% After Analyst Downgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price dropped 4.9% during trading on Thursday after Loop Capital lowered their price target on the stock from $141.00 to $125.00. Loop Capital currently has a buy rating on the stock. Palantir Technologies traded as low as $78.57 and last traded at $79.59. Approximately 42,162,712 shares changed hands during trading, a decline of 34% from the average daily volume of 64,322,973 shares. The stock had previously closed at $83.65.

Several other research firms also recently commented on PLTR. Citigroup lifted their price objective on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 5th. Robert W. Baird lifted their price objective on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Royal Bank of Canada lifted their price objective on shares of Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald boosted their target price on shares of Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Finally, Bank of America boosted their target price on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $74.45.

Insiders Place Their Bets

In other news, insider Stephen Andrew Cohen sold 1,250,000 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total transaction of $103,437,500.00. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at $48,988. The trade was a 99.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $76.29, for a total transaction of $61,032.00. Following the sale, the director now directly owns 62,139 shares of the company’s stock, valued at $4,740,584.31. This represents a 1.27 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,069,785 shares of company stock worth $254,537,238. Company insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

A number of institutional investors and hedge funds have recently modified their holdings of PLTR. Prestige Wealth Management Group LLC grew its stake in Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after acquiring an additional 650 shares in the last quarter. Roxbury Financial LLC purchased a new stake in Palantir Technologies during the 4th quarter valued at about $27,000. First PREMIER Bank purchased a new stake in Palantir Technologies during the 4th quarter valued at about $28,000. Wolff Wiese Magana LLC grew its stake in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares in the last quarter. Finally, HighMark Wealth Management LLC grew its stake in Palantir Technologies by 73.5% during the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after acquiring an additional 166 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

The company has a market cap of $202.26 billion, a PE ratio of 453.92, a PEG ratio of 10.84 and a beta of 2.81. The firm’s 50 day moving average is $87.83 and its 200-day moving average is $64.98.

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.