Palantir Technologies (NASDAQ:PLTR) Shares Down 0.1% - Here's What Happened

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) fell 0.1% during mid-day trading on Wednesday . The stock traded as low as $121.58 and last traded at $124.50. 26,947,076 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 81,132,109 shares. The stock had previously closed at $124.62.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PLTR. Loop Capital began coverage on shares of Palantir Technologies in a report on Thursday. They issued a "buy" rating and a $141.00 price target for the company. Citigroup boosted their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. Mizuho boosted their price target on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an "underperform" rating in a report on Tuesday, February 4th. Royal Bank of Canada boosted their price target on shares of Palantir Technologies from $11.00 to $40.00 and gave the company an "underperform" rating in a report on Tuesday, February 4th. Finally, Northland Securities boosted their price target on shares of Palantir Technologies from $38.00 to $80.00 and gave the company a "market perform" rating in a report on Tuesday, February 4th. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Palantir Technologies presently has a consensus rating of "Hold" and a consensus target price of $73.21.

Palantir Technologies Stock Performance

The firm's 50-day simple moving average is $85.87 and its 200 day simple moving average is $59.37. The stock has a market capitalization of $230.84 billion, a P/E ratio of 533.36, a PEG ratio of 10.84 and a beta of 2.81.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 30,000 shares of the company's stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $66.59, for a total value of $1,997,700.00. Following the sale, the insider now directly owns 752,786 shares of the company's stock, valued at approximately $50,128,019.74. This represents a 3.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alexandra W. Schiff sold 4,000 shares of the company's stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total transaction of $286,520.00. Following the completion of the sale, the director now directly owns 195,393 shares in the company, valued at approximately $13,996,000.59. The trade was a 2.01 % 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 valued at $473,395,877 in the last three months. 12.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp grew its stake in Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company's stock valued at $3,069,463,000 after buying an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC grew its stake in Palantir Technologies by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after buying an additional 4,127,306 shares during the last quarter. Northern Trust Corp grew its stake in Palantir Technologies by 20.4% in the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after buying an additional 3,299,779 shares during the last quarter. Norges Bank acquired a new position in Palantir Technologies in the 4th quarter valued at about $1,360,191,000. Finally, FMR LLC grew its stake in Palantir Technologies by 22.6% in the 4th quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after buying an additional 2,818,090 shares during 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.