Palantir Technologies (NASDAQ:PLTR) Stock Price Down 1.7% - Here's Why

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price dropped 1.7% on Thursday . The stock traded as low as $140.52 and last traded at $140.76. Approximately 26,312,345 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 82,852,200 shares. The stock had previously closed at $143.13.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PLTR shares. Royal Bank Of Canada reiterated an "underperform" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Citigroup lifted their price target on Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft reiterated a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Morgan Stanley lifted their price target on Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Finally, DA Davidson lifted their price target on Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Five analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $89.32.

Palantir Technologies Stock Performance

The company has a 50 day moving average of $130.45 and a two-hundred day moving average of $103.25. The stock has a market capitalization of $336.29 billion, a PE ratio of 619.57, a P/E/G ratio of 12.22 and a beta of 2.59.

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 for the quarter, meeting the consensus estimate of $0.13. The business had revenue of $883.86 million for the quarter, compared to the consensus estimate of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The company's quarterly revenue was up 39.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.08 EPS. As a group, research analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Ryan D. Taylor sold 35,480 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $4,484,317.20. Following the completion of the transaction, the insider owned 367,691 shares of the company's stock, valued at approximately $46,472,465.49. This represents a 8.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Stephen Andrew Cohen sold 309,696 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $39,142,477.44. Following the completion of the transaction, the insider directly owned 592 shares of the company's stock, valued at $74,822.88. The trade was a 99.81% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,451,497 shares of company stock worth $186,110,685. 9.23% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently bought and sold shares of the company. Mechanics Financial Corp purchased a new stake in shares of Palantir Technologies in the first quarter valued at approximately $25,000. Wealth Preservation Advisors LLC purchased a new position in Palantir Technologies in the first quarter worth approximately $27,000. 1248 Management LLC purchased a new position in Palantir Technologies in the first quarter worth approximately $27,000. Family Legacy Financial Solutions LLC purchased a new position in Palantir Technologies in the second quarter worth approximately $31,000. Finally, Richardson Capital Management LLC purchased a new position in Palantir Technologies in the first quarter worth approximately $33,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Company Profile

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.