Palantir Technologies (NYSE:PLTR) Shares Down 3.5% on Insider Selling

Palantir Technologies Inc. (NYSE:PLTR)’s share price fell 3.5% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $59.96 and last traded at $60.77. 23,347,301 shares traded hands during trading, a decline of 60% from the average session volume of 58,659,352 shares. The stock had previously closed at $62.98.

Specifically, insider Alexander C. Karp sold 38,093 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $63.01, for a total value of $2,400,239.93. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $405,296,576.58. The trade was a 0.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander C. Karp sold 1,007,496 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $63.96, for a total transaction of $64,439,444.16. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $411,407,221.68. This trade represents a 13.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $63.10, for a total value of $283,950,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at approximately $405,875,479.80. The trade was a 41.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Mizuho upped their target price on Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, November 5th. DA Davidson raised their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Monness Crespi & Hardt cut their price objective on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday, August 6th. Finally, Raymond James downgraded shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $31.71.

Palantir Technologies Stock Down 1.2 %

The firm has a market capitalization of $139.77 billion, a price-to-earnings ratio of 306.79 and a beta of 2.70. The company’s 50 day moving average price is $45.36 and its 200 day moving average price is $33.04.

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

Institutional Trading of Palantir Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. ProShare Advisors LLC purchased a new position in Palantir Technologies during the first quarter valued at approximately $262,000. O Shaughnessy Asset Management LLC lifted its stake in shares of Palantir Technologies by 29.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 79,854 shares of the company’s stock valued at $1,837,000 after purchasing an additional 18,170 shares during the period. UniSuper Management Pty Ltd lifted its stake in shares of Palantir Technologies by 95.6% in the 1st quarter. UniSuper Management Pty Ltd now owns 26,400 shares of the company’s stock valued at $607,000 after purchasing an additional 12,900 shares during the period. CreativeOne Wealth LLC purchased a new stake in Palantir Technologies during the first quarter worth $371,000. Finally, Axxcess Wealth Management LLC grew its position in Palantir Technologies by 32.0% during the first quarter. Axxcess Wealth Management LLC now owns 17,027 shares of the company’s stock valued at $392,000 after buying an additional 4,123 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.