Palantir Technologies (NASDAQ:PLTR) Shares Gap Down - What's Next?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $112.06, but opened at $102.91. Palantir Technologies shares last traded at $100.85, with a volume of 84,688,050 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PLTR shares. Robert W. Baird lifted their price target on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. William Blair restated an "underperform" rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Citigroup increased their price target on Palantir Technologies from $42.00 to $110.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Cantor Fitzgerald lifted their price objective on Palantir Technologies from $72.00 to $98.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Finally, Argus downgraded shares of Palantir Technologies from a "buy" rating to a "hold" rating in a report on Thursday, November 7th. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Palantir Technologies currently has a consensus rating of "Hold" and a consensus price target of $73.21.

Palantir Technologies Stock Down 4.6 %

The company has a market cap of $230.84 billion, a PE ratio of 533.36, a P/E/G ratio of 11.52 and a beta of 2.81. The stock has a 50-day moving average of $85.36 and a 200-day moving average of $58.84.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 30,000 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $66.59, for a total transaction of $1,997,700.00. Following the completion of the transaction, the insider now owns 752,786 shares of the company's stock, valued at approximately $50,128,019.74. The trade was a 3.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Andrew Cohen sold 450,000 shares of the company's stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at approximately $42,002.40. This trade represents a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,680,992 shares of company stock worth $473,395,877 in the last ninety days. 12.93% of the stock is currently owned by insiders.

Institutional Trading of Palantir Technologies

A number of hedge funds have recently made changes to their positions in the stock. Continuum Advisory LLC lifted its stake in Palantir Technologies by 3.8% during the fourth quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after purchasing an additional 98 shares during the last quarter. Heritage Wealth Management Inc. CA raised its holdings in shares of Palantir Technologies by 0.4% during the 4th quarter. Heritage Wealth Management Inc. CA now owns 29,024 shares of the company's stock valued at $2,195,000 after buying an additional 111 shares in the last quarter. True Wealth Design LLC raised its holdings in shares of Palantir Technologies by 29.3% during the 4th quarter. True Wealth Design LLC now owns 503 shares of the company's stock valued at $38,000 after buying an additional 114 shares in the last quarter. Westover Capital Advisors LLC lifted its position in Palantir Technologies by 1.8% in the 4th quarter. Westover Capital Advisors LLC now owns 7,330 shares of the company's stock worth $554,000 after buying an additional 130 shares during the last quarter. Finally, Tritonpoint Wealth LLC boosted its stake in Palantir Technologies by 1.9% in the fourth quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company's stock worth $537,000 after buying an additional 132 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

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.