Palantir Technologies (NASDAQ:PLTR) Stock Price Down 5% on Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) was down 5% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $81.01 and last traded at $83.12. Approximately 40,866,927 shares traded hands during trading, a decline of 40% from the average daily volume of 68,424,074 shares. The stock had previously closed at $87.45.

Specifically, insider Ryan D. Taylor sold 98,177 shares of the firm's stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $82.80, for a total transaction of $8,129,055.60. Following the sale, the insider now owns 403,171 shares of the company's stock, valued at $33,382,558.80. This trade represents a 19.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PLTR shares. Wedbush restated an "outperform" rating and set a $120.00 price objective on shares of Palantir Technologies in a research report on Monday, March 3rd. UBS Group increased their price target on Palantir Technologies from $80.00 to $105.00 and gave the company a "neutral" rating in a report on Tuesday, February 4th. Jefferies Financial Group lifted their price objective on Palantir Technologies from $28.00 to $60.00 and gave the stock an "underperform" rating in a report on Tuesday, February 4th. Bank of America upped their price objective on Palantir Technologies from $90.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, February 4th. Finally, Loop Capital reissued a "buy" rating on shares of Palantir Technologies in a research report on Friday. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $75.19.

Remove Ads

Palantir Technologies Stock Down 11.5 %

The stock has a fifty day simple moving average of $92.67 and a 200 day simple moving average of $70.70. The firm has a market capitalization of $173.58 billion, a P/E ratio of 389.55, a PEG ratio of 10.84 and a beta of 2.74.

Institutional Trading of Palantir Technologies

Institutional investors have recently made changes to their positions in the business. Prestige Wealth Management Group LLC raised its position in shares of Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company's stock valued at $27,000 after buying an additional 650 shares during the last quarter. Roxbury Financial LLC purchased a new position in Palantir Technologies during the fourth quarter valued at $27,000. First PREMIER Bank bought a new stake in Palantir Technologies in the 4th quarter valued at $28,000. Wolff Wiese Magana LLC lifted its stake in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock worth $29,000 after purchasing an additional 265 shares in the last quarter. Finally, HighMark Wealth Management LLC boosted its holdings in shares of 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 purchasing an additional 166 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Company Profile

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.