Palantir Technologies (NASDAQ:PLTR) Stock Price Down 3.3% – What’s Next?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price dropped 3.3% on Tuesday . The stock traded as low as $79.30 and last traded at $80.65. Approximately 45,893,514 shares changed hands during trading, a decline of 28% from the average daily volume of 63,719,171 shares. The stock had previously closed at $83.42.

Analysts Set New Price Targets

PLTR has been the topic of several recent analyst reports. Northland Securities boosted their price objective on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 4th. Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Mizuho upped their price target on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Bank of America upped their price target on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Finally, Jefferies Financial Group upped their price target on shares of Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $74.79.

Palantir Technologies Stock Performance

The stock’s fifty day moving average price is $87.14 and its two-hundred day moving average price is $62.23. The company has a market cap of $192.26 billion, a P/E ratio of 444.23, a P/E/G ratio of 10.84 and a beta of 2.81.

Insider Transactions at Palantir Technologies

In other news, Director Alexandra W. Schiff sold 4,000 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $13,996,000.59. This represents a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ryan D. Taylor sold 483,987 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the completion of the transaction, the insider now directly owns 170,273 shares of the company’s stock, valued at approximately $12,681,933.04. The trade was a 73.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,439,783 shares of company stock valued at $107,497,043. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp lifted its stake in Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC lifted its stake in Palantir Technologies by 8.6% in 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 purchasing an additional 4,127,306 shares during the last quarter. Northern Trust Corp increased its position in Palantir Technologies by 20.4% in the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company’s stock valued at $1,473,913,000 after acquiring an additional 3,299,779 shares during the period. Norges Bank acquired a new position in Palantir Technologies in the 4th quarter valued at approximately $1,360,191,000. Finally, FMR LLC increased its position in Palantir Technologies by 22.6% in the 4th quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after acquiring 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.