Palantir Technologies (NASDAQ:PLTR) Trading Down 1.5% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) shares fell 1.5% during trading on Friday . The stock traded as low as $129.05 and last traded at $132.38. Approximately 31,596,931 shares traded hands during mid-day trading, a decline of 33% from the average daily volume of 46,930,371 shares. The stock had previously closed at $134.44.

Key Headlines Impacting Palantir Technologies

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: DA Davidson reaffirmed its buy rating on Palantir and set a $175 price target, implying meaningful upside from current levels. This helps reinforce the bullish case after recent volatility. Benzinga article
• Positive Sentiment: Palantir’s partnership with Nvidia on sovereign AI is drawing investor interest and is being framed as a potential long-term growth catalyst, especially as AI infrastructure spending continues. Article
• Positive Sentiment: Palantir CEO Alex Karp has been highlighting the company as one of the key beneficiaries of AI infrastructure demand, which may support the bull thesis that Palantir is becoming a major enterprise AI winner. Article

Analysts Set New Price Targets

PLTR has been the subject of a number of analyst reports. Cantor Fitzgerald reiterated a “neutral” rating and set a $138.00 price target on shares of Palantir Technologies in a research report on Friday, May 22nd. Weiss Ratings lowered Palantir Technologies from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, April 27th. Benchmark cut shares of Palantir Technologies to a “hold” rating in a research note on Tuesday, June 16th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $225.00 price objective on shares of Palantir Technologies in a report on Friday, June 5th. Finally, Zacks Research raised shares of Palantir Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of “Moderate Buy” and a consensus price target of $190.85.

Palantir Technologies Price Performance

The stock has a market cap of $317.36 billion, a P/E ratio of 148.74, a PEG ratio of 2.12 and a beta of 1.56. The company has a fifty day moving average of $132.20 and a 200 day moving average of $144.30.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings results on Monday, May 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.54 billion. Palantir Technologies had a return on equity of 28.34% and a net margin of 43.67%.The firm’s quarterly revenue was up 84.7% on a year-over-year basis. During the same period last year, the company posted $0.13 EPS. As a group, analysts anticipate that Palantir Technologies Inc. will post 1.17 EPS for the current year.

Insider Buying and Selling

In other news, insider Stephen Andrew Cohen sold 319,934 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total value of $43,523,821.36. Following the completion of the sale, the insider owned 592 shares in the company, valued at $80,535.68. This represents a 99.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alexander C. Karp sold 397,744 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $54,109,093.76. Following the transaction, the insider directly owned 6,432,258 shares of the company’s stock, valued at $875,044,378.32. This represents a 5.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 1,112,270 shares of company stock worth $150,247,785. 9.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Several large investors have recently made changes to their positions in PLTR. Basepoint Wealth LLC bought a new stake in shares of Palantir Technologies in the 4th quarter worth approximately $29,000. Ballast Advisors LLC bought a new stake in Palantir Technologies during the first quarter worth approximately $29,000. Morton Brown Family Wealth LLC boosted its holdings in Palantir Technologies by 250.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 175 shares of the company’s stock worth $31,000 after buying an additional 125 shares in the last quarter. Cornerstone Financial Management LLC acquired a new position in Palantir Technologies in the fourth quarter worth approximately $31,000. Finally, Clayton Financial Group LLC grew its position in Palantir Technologies by 500.0% in the fourth quarter. Clayton Financial Group LLC now owns 180 shares of the company’s stock worth $32,000 after buying an additional 150 shares during the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.