Palantir Technologies (NYSE:PLTR) Shares Down 3.5%

Palantir Technologies Inc. (NYSE:PLTR)’s share price traded down 3.5% during trading on Wednesday . The company traded as low as $27.54 and last traded at $27.79. 14,679,502 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 55,213,000 shares. The stock had previously closed at $28.81.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Monness Crespi & Hardt downgraded Palantir Technologies from a “neutral” rating to a “sell” rating and set a $20.00 target price for the company. in a research note on Friday, June 21st. William Blair restated an “underperform” rating on shares of Palantir Technologies in a research report on Tuesday, May 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Palantir Technologies from $18.00 to $20.00 and gave the company a “sell” rating in a report on Tuesday, May 7th. DA Davidson boosted their target price on shares of Palantir Technologies from $19.00 to $24.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 7th. Finally, Citigroup lifted their price objective on Palantir Technologies from $23.00 to $25.00 and gave the stock a “neutral” rating in a report on Tuesday, May 7th. Seven analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $21.32.

Palantir Technologies Price Performance

The stock has a market cap of $59.24 billion, a price-to-earnings ratio of 224.94, a PEG ratio of 6.57 and a beta of 2.71. The firm has a fifty day moving average of $24.55 and a 200 day moving average of $22.78.

Palantir Technologies (NYSE:PLTR) last issued its earnings results on Monday, May 6th. The company reported $0.04 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.04. Palantir Technologies had a return on equity of 8.28% and a net margin of 12.79%. The company had revenue of $634.34 million during the quarter, compared to analysts’ expectations of $614.88 million. Research analysts anticipate that Palantir Technologies Inc. will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palantir Technologies news, Director Peter Thiel sold 6,285,833 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $21.33, for a total value of $134,076,817.89. Following the transaction, the director now directly owns 64,520,599 shares in the company, valued at approximately $1,376,224,376.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Alexander D. Moore sold 20,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $22.02, for a total transaction of $440,400.00. Following the completion of the transaction, the director now directly owns 1,595,519 shares in the company, valued at approximately $35,133,328.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peter Thiel sold 6,285,833 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $21.33, for a total transaction of $134,076,817.89. Following the completion of the sale, the director now owns 64,520,599 shares in the company, valued at $1,376,224,376.67. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,467,179 shares of company stock worth $242,726,313. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors have recently made changes to their positions in PLTR. Vanguard Group Inc. lifted its holdings in shares of Palantir Technologies by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after acquiring an additional 3,029,317 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Palantir Technologies by 15.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock valued at $335,284,000 after purchasing an additional 1,980,495 shares during the period. ARK Investment Management LLC lifted its stake in Palantir Technologies by 16.1% during the fourth quarter. ARK Investment Management LLC now owns 10,937,859 shares of the company’s stock worth $187,803,000 after purchasing an additional 1,514,232 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its position 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 worth $226,180,000 after buying an additional 1,580,548 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Palantir Technologies by 6.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,063,645 shares of the company’s stock valued at $121,283,000 after buying an additional 403,905 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.