Exchange Traded Concepts LLC Sells 107,408 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Exchange Traded Concepts LLC cut its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 79.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,365 shares of the company's stock after selling 107,408 shares during the quarter. Exchange Traded Concepts LLC's holdings in Palantir Technologies were worth $2,310,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. HighMark Wealth Management LLC raised its holdings in shares of Palantir Technologies by 73.5% in the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock valued at $30,000 after purchasing an additional 166 shares during the period. Sierra Ocean LLC bought a new stake in shares of Palantir Technologies in the 4th quarter valued at about $31,000. First Command Advisory Services Inc. bought a new stake in shares of Palantir Technologies in the 4th quarter valued at about $34,000. Summit Securities Group LLC bought a new stake in shares of Palantir Technologies in the 4th quarter valued at about $34,000. Finally, Fairfield Financial Advisors LTD bought a new stake in shares of Palantir Technologies in the 4th quarter valued at about $35,000. 45.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PLTR. Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. William Blair set a $84.00 price target on shares of Palantir Technologies in a report on Wednesday, March 5th. Mizuho increased their price target on shares of Palantir Technologies from $94.00 to $116.00 and gave the company an "underperform" rating in a report on Wednesday, June 11th. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a report on Tuesday, April 1st. Finally, UBS Group increased their price target on shares of Palantir Technologies from $105.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $89.32.

Palantir Technologies Stock Performance

Shares of NASDAQ PLTR traded up $1.76 during trading hours on Thursday, hitting $139.96. 58,100,428 shares of the stock were exchanged, compared to its average volume of 81,096,965. The company has a market cap of $330.29 billion, a PE ratio of 1,166.33, a price-to-earnings-growth ratio of 11.95 and a beta of 2.64. The company's fifty day simple moving average is $118.64 and its two-hundred day simple moving average is $96.13. Palantir Technologies Inc. has a 1-year low of $21.23 and a 1-year high of $144.86.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.13. The business had revenue of $883.86 million for the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The firm's revenue for the quarter was up 39.4% on a year-over-year basis. During the same quarter last year, the business posted $0.08 EPS. As a group, sell-side analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity at Palantir Technologies

In other news, insider Ryan D. Taylor sold 98,177 shares of Palantir Technologies stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $82.80, for a total transaction of $8,129,055.60. Following the completion of the transaction, the insider now directly owns 403,171 shares in the company, valued at $33,382,558.80. This trade represents a 19.58% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the business's stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $81.25, for a total transaction of $65,000.00. Following the transaction, the director now owns 61,339 shares in the company, valued at approximately $4,983,793.75. This trade represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,506,925 shares of company stock valued at $188,456,658 in the last quarter. Insiders own 9.23% 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.