Palantir Technologies (NASDAQ:PLTR) Stock Price Down 2.4% - Here's Why

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) shares were down 2.4% during mid-day trading on Monday . The stock traded as low as $76.11 and last traded at $77.16. Approximately 23,940,300 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 61,567,711 shares. The stock had previously closed at $79.08.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Bank of America increased their price target on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Northland Securities lifted their price target on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a "market perform" rating in a report on Tuesday, November 5th. Robert W. Baird initiated coverage on Palantir Technologies in a report on Thursday, December 12th. They set a "neutral" rating and a $70.00 price objective for the company. UBS Group initiated coverage on Palantir Technologies in a research note on Thursday, December 19th. They set a "neutral" rating and a $80.00 target price on the stock. Finally, William Blair reiterated an "underperform" rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Six analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $41.00.

Palantir Technologies Price Performance

The stock has a market cap of $175.82 billion, a PE ratio of 385.92, a PEG ratio of 10.18 and a beta of 2.87. The company's fifty day moving average is $62.94 and its 200-day moving average is $42.55.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The business had revenue of $725.52 million during the quarter, compared to analysts' expectations of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company's revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.03 EPS. Analysts expect that Palantir Technologies Inc. will post 0.21 EPS for the current year.

Insiders Place Their Bets

In other Palantir Technologies news, insider Shyam Sankar sold 5,250,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the insider now owns 752,786 shares in the company, valued at approximately $52,755,242.88. This represents a 87.46 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heather A. Planishek sold 20,000 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $39.95, for a total transaction of $799,000.00. Following the sale, the insider now directly owns 562,006 shares in the company, valued at approximately $22,452,139.70. The trade was a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,180,723 shares of company stock worth $1,408,957,941. Corporate insiders own 12.93% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PLTR. Charles Schwab Investment Management Inc. raised its position in Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company's stock worth $460,798,000 after acquiring an additional 4,667,955 shares during the period. State of Alaska Department of Revenue increased its stake in shares of Palantir Technologies by 22.9% during the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company's stock worth $13,786,000 after purchasing an additional 68,945 shares in the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Palantir Technologies by 19.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company's stock worth $20,146,000 after purchasing an additional 87,062 shares during the last quarter. Tyler Stone Wealth Management lifted its stake in Palantir Technologies by 97.9% in the 3rd quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company's stock valued at $7,515,000 after buying an additional 99,921 shares in the last quarter. Finally, Coldstream Capital Management Inc. acquired a new stake in Palantir Technologies in the 3rd quarter worth about $639,000. 45.65% of the stock is owned by institutional investors and hedge funds.

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.