Palantir Technologies (NASDAQ:PLTR) Shares Down 3.3% – Time to Sell?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price was down 3.3% during trading on Wednesday . The company traded as low as $66.91 and last traded at $67.67. Approximately 40,344,232 shares changed hands during trading, a decline of 45% from the average daily volume of 73,788,484 shares. The stock had previously closed at $69.99.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PLTR shares. Raymond James lowered Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Jefferies Financial Group lowered Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target for the company. in a research note on Thursday, November 7th. Baird R W upgraded Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Robert W. Baird initiated coverage on Palantir Technologies in a report on Thursday, December 12th. They issued a “neutral” rating and a $70.00 target price on the stock. Finally, Wedbush increased their target price on shares of Palantir Technologies from $57.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Seven analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $42.12.

Palantir Technologies Price Performance

The stock has a market cap of $153.22 billion, a price-to-earnings ratio of 336.32, a price-to-earnings-growth ratio of 10.18 and a beta of 2.82. The firm has a 50 day simple moving average of $68.93 and a two-hundred day simple moving average of $45.68.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same period last year, the company earned $0.03 earnings per share. The business’s revenue was up 30.0% compared to the same quarter last year. On average, sell-side analysts expect that Palantir Technologies Inc. will post 0.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Stephen Andrew Cohen sold 450,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the sale, the insider now owns 592 shares in the company, valued at $42,002.40. The trade was a 99.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 8,054 shares of the business’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $50.49, for a total value of $406,646.46. Following the sale, the director now owns 130,250 shares in the company, valued at $6,576,322.50. This represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,638,189 shares of company stock valued at $1,443,945,933. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Institutional investors have recently made changes to their positions in the stock. Natixis Advisors LLC bought a new stake in shares of Palantir Technologies during the 2nd quarter valued at about $274,000. Victory Capital Management Inc. raised its stake in shares of Palantir Technologies by 18.4% in the second quarter. Victory Capital Management Inc. now owns 660,076 shares of the company’s stock worth $16,720,000 after purchasing an additional 102,758 shares during the last quarter. Ballentine Partners LLC grew its holdings in shares of Palantir Technologies by 23.7% in the second quarter. Ballentine Partners LLC now owns 12,339 shares of the company’s stock valued at $313,000 after acquiring an additional 2,368 shares in the last quarter. Ashton Thomas Private Wealth LLC bought a new position in shares of Palantir Technologies in the second quarter valued at approximately $441,000. Finally, Choreo LLC grew its holdings in Palantir Technologies by 318.2% during the second quarter. Choreo LLC now owns 37,635 shares of the company’s stock valued at $973,000 after purchasing an additional 28,635 shares during the period. 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.