Palantir Technologies (NASDAQ:PLTR) Trading Down 11.4% - Here's What Happened

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price fell 11.4% during trading on Thursday . The stock traded as low as $95.80 and last traded at $99.33. 126,236,847 shares traded hands during trading, an increase of 47% from the average session volume of 86,064,367 shares. The stock had previously closed at $112.06.

Wall Street Analyst Weigh In

Several brokerages recently commented on PLTR. Bank of America raised their target price on Palantir Technologies from $90.00 to $125.00 and gave the company a "buy" rating in a report on Tuesday, February 4th. Citigroup lifted their target price on Palantir Technologies from $42.00 to $110.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. Jefferies Financial Group boosted their price objective on Palantir Technologies from $28.00 to $60.00 and gave the company an "underperform" rating in a research report on Tuesday, February 4th. DA Davidson boosted their price objective on Palantir Technologies from $47.00 to $105.00 and gave the company a "neutral" rating in a research report on Tuesday, February 4th. Finally, William Blair reaffirmed an "underperform" rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $73.21.

Palantir Technologies Stock Down 4.6 %

The company has a market capitalization of $230.84 billion, a price-to-earnings ratio of 533.36, a price-to-earnings-growth ratio of 11.52 and a beta of 2.81. The business has a 50-day moving average price of $85.36 and a 200-day moving average price of $58.84.

Insider Activity

In other news, Director Lauren Elaina Friedman Stat sold 9,746 shares of Palantir Technologies stock in a transaction on Monday, November 25th. The stock was sold at an average price of $66.77, for a total transaction of $650,740.42. Following the transaction, the director now owns 111,644 shares in the company, valued at approximately $7,454,469.88. The trade was a 8.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Shyam Sankar sold 5,250,000 shares of Palantir Technologies stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total value of $367,920,000.00. Following the transaction, the insider now owns 752,786 shares in the company, valued at $52,755,242.88. This represents a 87.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,680,992 shares of company stock worth $473,395,877. 12.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PLTR. Allspring Global Investments Holdings LLC grew its stake in Palantir Technologies by 227.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 122,200 shares of the company's stock valued at $4,546,000 after purchasing an additional 84,856 shares in the last quarter. Whittier Trust Co. of Nevada Inc. purchased a new position in Palantir Technologies in the third quarter valued at about $62,000. Eastern Bank purchased a new position in Palantir Technologies in the third quarter valued at about $112,000. Waldron Private Wealth LLC purchased a new position in Palantir Technologies in the third quarter valued at about $294,000. Finally, Commerzbank Aktiengesellschaft FI purchased a new position in Palantir Technologies in the third quarter valued at about $284,000. Hedge funds and other institutional investors own 45.65% of the company's stock.

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.