Palantir Technologies (NASDAQ:PLTR) Shares Down 4.4% - Here's What Happened

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) traded down 4.4% on Friday . The company traded as low as $65.04 and last traded at $65.22. 33,648,114 shares traded hands during trading, a decline of 55% from the average session volume of 75,437,453 shares. The stock had previously closed at $68.23.

Wall Street Analysts Forecast Growth

PLTR has been the subject of several research reports. Wedbush upped their target price on Palantir Technologies from $57.00 to $75.00 and gave the stock an "outperform" rating in a research note on Monday, November 25th. Jefferies Financial Group cut shares of Palantir Technologies from a "hold" rating to an "underperform" rating and set a $28.00 price objective for the company. in a research note on Thursday, November 7th. UBS Group started coverage on shares of Palantir Technologies in a research report on Thursday, December 19th. They issued a "neutral" rating and a $80.00 target price on the stock. The Goldman Sachs Group upped their price target on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a "neutral" rating in a research report on Thursday, November 7th. Finally, Raymond James lowered Palantir Technologies from an "outperform" rating to a "market perform" rating in a research note on Monday, September 23rd. Seven research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Palantir Technologies presently has a consensus rating of "Hold" and an average price target of $42.12.

Palantir Technologies Trading Down 1.4 %

The stock has a market cap of $153.22 billion, a P/E ratio of 336.32, a price-to-earnings-growth ratio of 10.18 and a beta of 2.82. The business's 50 day moving average price is $68.42 and its two-hundred day moving average price is $45.38.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 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 analyst estimates 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 last year, the firm posted $0.03 earnings per share. As a group, analysts expect that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insider Activity at Palantir Technologies

In other news, insider Alexander C. Karp sold 3,337,048 shares of the company's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $45.02, for a total value of $150,233,900.96. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company's stock, valued at $289,580,255.16. This represents a 34.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Ryan D. Taylor sold 123,334 shares of the company's stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $45.00, for a total value of $5,550,030.00. Following the completion of the transaction, the insider now owns 331,369 shares of the company's stock, valued at $14,911,605. The trade was a 27.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,638,189 shares of company stock worth $1,443,945,933. 12.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its holdings in shares of Palantir Technologies by 96.4% during the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company's stock worth $3,069,463,000 after acquiring an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC raised its stake in Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company's stock valued at $1,777,568,000 after purchasing an additional 16,598,253 shares in the last quarter. International Assets Investment Management LLC lifted its position in Palantir Technologies by 3,476.2% during the third quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company's stock valued at $254,162,000 after purchasing an additional 6,641,253 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Palantir Technologies by 60.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company's stock worth $460,798,000 after buying an additional 4,667,955 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Palantir Technologies by 594.3% during the second quarter. Marshall Wace LLP now owns 3,550,176 shares of the company's stock worth $89,926,000 after acquiring an additional 3,038,861 shares during the last quarter. Institutional investors own 45.65% of the company's stock.

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.