Palantir Technologies (NASDAQ:PLTR) Stock Price Down 2.1% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price traded down 2.1% during mid-day trading on Wednesday . The stock traded as low as $92.84 and last traded at $94.45. 30,151,258 shares were traded during trading, a decline of 55% from the average session volume of 66,273,912 shares. The stock had previously closed at $96.50.

Analyst Ratings Changes

PLTR has been the subject of a number of analyst reports. Wedbush reissued an “outperform” rating and issued a $120.00 price objective on shares of Palantir Technologies in a research report on Monday, March 3rd. Northland Securities increased their price target on Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a report on Tuesday, February 4th. Baird R W upgraded Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $95.00 in a research report on Tuesday, February 4th. Finally, Jefferies Financial Group raised their price target on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Palantir Technologies currently has an average rating of “Hold” and a consensus price target of $74.45.

Palantir Technologies Price Performance

The stock has a market cap of $216.55 billion, a P/E ratio of 485.73, a PEG ratio of 10.84 and a beta of 2.81. The stock’s fifty day simple moving average is $90.80 and its 200-day simple moving average is $68.37.

Insider Buying and Selling

In other news, insider Heather A. Planishek sold 13,891 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $115.96, for a total transaction of $1,610,800.36. Following the completion of the transaction, the insider now owns 512,006 shares in the company, valued at approximately $59,372,215.76. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alexandra W. Schiff sold 4,000 shares of Palantir Technologies stock in a transaction dated Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total transaction of $286,520.00. Following the completion of the sale, the director now owns 195,393 shares in the company, valued at approximately $13,996,000.59. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,379,785 shares of company stock valued at $281,528,938. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp boosted its position in shares of Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after buying an additional 40,498,024 shares during the period. Geode Capital Management LLC raised its stake in Palantir Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock valued at $3,929,401,000 after acquiring an additional 4,127,306 shares in the last quarter. Northern Trust Corp boosted its position in Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company’s stock worth $1,473,913,000 after acquiring an additional 3,299,779 shares during the period. Norges Bank bought a new position in shares of Palantir Technologies in the fourth quarter worth $1,360,191,000. Finally, FMR LLC increased its holdings in shares of Palantir Technologies by 22.6% during the fourth quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after purchasing an additional 2,818,090 shares during the period. 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.