Palantir Technologies (NASDAQ:PLTR) Shares Down 1.3% - Here's What Happened

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s share price dropped 1.3% during trading on Monday . The stock traded as low as $91.45 and last traded at $92.52. Approximately 35,435,492 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 72,722,617 shares. The stock had previously closed at $93.78.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. UBS Group raised their price target on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Bank of America raised their price target on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a "buy" rating in a research report on Tuesday, February 4th. Wedbush reiterated an "outperform" rating and issued a $120.00 target price on shares of Palantir Technologies in a research note on Monday, March 3rd. Mizuho raised their price objective on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an "underperform" rating in a research report on Tuesday, February 4th. Finally, Daiwa Capital Markets began coverage on shares of Palantir Technologies in a research report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 target price for the company. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $74.71.

Palantir Technologies Trading Up 4.5 %

The stock has a market capitalization of $247.09 billion, a PE ratio of 553.63, a price-to-earnings-growth ratio of 10.84 and a beta of 2.74. The firm's fifty day moving average is $89.81 and its 200-day moving average is $75.91.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 1,250,000 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total transaction of $103,437,500.00. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $48,988. This represents a 99.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Alexandra W. Schiff sold 6,776 shares of the company's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $86.63, for a total transaction of $587,004.88. Following the transaction, the director now owns 184,617 shares in the company, valued at $15,993,370.71. The trade was a 3.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,989,975 shares of company stock valued at $253,328,090. Insiders own 12.93% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Roxbury Financial LLC acquired a new position in shares of Palantir Technologies in the 4th quarter worth approximately $27,000. First PREMIER Bank acquired a new position in Palantir Technologies during the fourth quarter worth about $28,000. Wolff Wiese Magana LLC grew its holdings in Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock worth $29,000 after acquiring an additional 265 shares during the period. HighMark Wealth Management LLC increased its stake in Palantir Technologies by 73.5% in the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock worth $30,000 after purchasing an additional 166 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new stake in Palantir Technologies during the 4th quarter worth about $31,000. Institutional investors and hedge funds 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.