Palantir Technologies (NASDAQ:PLTR) Trading Down 2.4% – Should You Sell?

Palantir Technologies Inc. (NASDAQ:PLTR) traded down 2.4% during trading on Thursday . The company traded as low as $124.81 and last traded at $129.04. Approximately 34,952,470 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 47,466,891 shares. The stock had previously closed at $132.22.

Trending Headlines about Palantir Technologies

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

• Positive Sentiment: Palantir expanded its partnership with GNP Seguros, marking its first publicly announced commercial customer in Latin America and reinforcing the company’s international enterprise growth story. Palantir Technologies (PLTR) Expands Partnership with GNP Seguros
• Positive Sentiment: Palantir also announced new partnerships with Rackspace and SNP to accelerate enterprise AI deployments in regulated and sovereign markets, which supports its commercialization narrative. Rackspace Technology Launches Operating Framework with Palantir for Regulated Enterprises to Accelerate Enterprise AI in Production
• Positive Sentiment: Several bullish commentary pieces argued that Palantir still has meaningful upside because of strong financial results, accelerating growth, and a software platform that is difficult to replicate. Here’s How Much More Upside Is Left in Palantir Stock, According to Wall Street Analysts
• Neutral Sentiment: Analyst coverage remains supportive overall, with articles highlighting a lower risk-reward profile after the recent pullback and suggesting the stock may have more room to run if growth stays strong. Palantir Stock: Accelerating Growth Improves the Risk-Reward Profile
• Neutral Sentiment: Palantir also remains a polarizing high-valuation AI name, with fresh commentary focused on its rich P/E ratio and debate over whether the stock’s premium is justified. Palantir: Implications Of 90x P/E
• Negative Sentiment: Political and regulatory headlines continue to weigh on sentiment, including reports that scrutiny over Palantir’s government contracts and ethics could threaten parts of its public-sector business. Palantir says UK police contract wrongly blocked over perceived ‘values’
• Negative Sentiment: Investors are also rotating out of expensive AI software names, and articles note that Palantir sold off alongside the broader sector as traders grew more cautious about lofty valuations. What Is Going on With Palantir Stock on Wednesday?

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Rosenblatt Securities reiterated a “buy” rating and set a $225.00 price objective on shares of Palantir Technologies in a report on Friday, June 5th. Wolfe Research upgraded shares of Palantir Technologies from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, June 16th. Phillip Securities raised their target price on shares of Palantir Technologies from $190.00 to $202.00 in a research report on Monday, May 11th. DZ Bank assumed coverage on shares of Palantir Technologies in a research note on Thursday, April 23rd. They set a “buy” rating and a $175.00 price target for the company. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $138.00 price target on shares of Palantir Technologies in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $190.85.

Palantir Technologies Price Performance

The firm has a fifty day moving average of $133.05 and a two-hundred day moving average of $146.99. The stock has a market capitalization of $309.35 billion, a P/E ratio of 144.99, a P/E/G ratio of 2.15 and a beta of 1.56.

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

Insider Transactions at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 1,598 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $160.00, for a total transaction of $255,680.00. Following the transaction, the director directly owned 55,022 shares in the company, valued at approximately $8,803,520. This trade represents a 2.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander C. Karp sold 397,744 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total transaction of $54,109,093.76. Following the transaction, the insider directly owned 6,432,258 shares in the company, valued at approximately $875,044,378.32. The trade was a 5.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 1,112,270 shares of company stock worth $150,247,785. Insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in Palantir Technologies in the fourth quarter worth about $5,149,641,000. Jennison Associates LLC acquired a new position in shares of Palantir Technologies during the first quarter valued at about $1,574,111,000. Arrowstreet Capital Limited Partnership raised its position in shares of Palantir Technologies by 277.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 10,446,959 shares of the company’s stock valued at $1,528,143,000 after purchasing an additional 7,678,747 shares during the last quarter. State Street Corp raised its position in shares of Palantir Technologies by 7.2% in the 3rd quarter. State Street Corp now owns 101,258,899 shares of the company’s stock valued at $18,471,648,000 after purchasing an additional 6,777,771 shares during the last quarter. Finally, Cardano Risk Management B.V. boosted its stake in Palantir Technologies by 917.4% in the 4th quarter. Cardano Risk Management B.V. now owns 6,585,630 shares of the company’s stock worth $1,170,596,000 after purchasing an additional 5,938,343 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

About Palantir Technologies

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.