Palantir Technologies (NASDAQ:PLTR) Trading Down 5.7% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price traded down 5.7% on Thursday . The company traded as low as $84.21 and last traded at $85.04. 44,552,393 shares traded hands during trading, a decline of 31% from the average session volume of 64,177,865 shares. The stock had previously closed at $90.13.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. DA Davidson raised their target price on shares of Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Citigroup raised their target price on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Wedbush restated an “outperform” rating and set a $120.00 target price on shares of Palantir Technologies in a report on Monday, March 3rd. Finally, Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $60.00 to $95.00 in a report on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $74.79.

Palantir Technologies Trading Up 5.7 %

The company has a market cap of $199.51 billion, a PE ratio of 447.74, a P/E/G ratio of 10.84 and a beta of 2.81. The business’s 50-day simple moving average is $87.31 and its 200-day simple moving average is $62.91.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 30,000 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $92.43, for a total transaction of $2,772,900.00. Following the transaction, the insider now owns 702,786 shares in the company, valued at approximately $64,958,509.98. This trade represents a 4.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexandra W. Schiff sold 6,776 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $86.63, for a total transaction of $587,004.88. Following the transaction, the director now owns 184,617 shares in the company, valued at $15,993,370.71. This represents a 3.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,435,838 shares of company stock worth $107,260,889 in the last quarter. 12.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp grew 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 buying an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC grew 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 buying an additional 4,127,306 shares during the last quarter. Northern Trust Corp grew its stake 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 buying an additional 3,299,779 shares during the last quarter. Norges Bank acquired a new position in Palantir Technologies in the 4th quarter valued at $1,360,191,000. Finally, FMR LLC grew its stake 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 buying an additional 2,818,090 shares during the last quarter. 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.