Palantir Technologies (NASDAQ:PLTR) Stock Price Down 0.9% - Here's Why

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) shares dropped 0.9% on Wednesday . The company traded as low as $110.54 and last traded at $115.06. Approximately 41,552,891 shares traded hands during mid-day trading, a decline of 44% from the average daily volume of 74,425,225 shares. The stock had previously closed at $116.08.

Analyst Ratings Changes

PLTR has been the subject of a number of recent analyst reports. Daiwa Capital Markets initiated coverage on shares of Palantir Technologies in a report on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 price objective for the company. Mizuho lifted their price objective on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an "underperform" rating in a report on Tuesday, February 4th. Royal Bank of Canada reaffirmed an "underperform" rating and issued a $40.00 price objective on shares of Palantir Technologies in a report on Tuesday. Northland Securities boosted their target price 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. Finally, Bank of America boosted their target price on shares of Palantir Technologies from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and a consensus price target of $74.71.

Palantir Technologies Stock Down 0.0 %

The company has a market capitalization of $272.20 billion, a PE ratio of 610.87, a price-to-earnings-growth ratio of 10.84 and a beta of 2.74. The firm has a 50-day moving average of $89.59 and a two-hundred day moving average of $78.11.

Insider Buying and Selling

In other news, Director Alexandra W. Schiff sold 6,776 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $86.63, for a total transaction of $587,004.88. Following the completion of the transaction, the director now directly owns 184,617 shares in the company, valued at $15,993,370.71. This trade represents a 3.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lauren Elaina Friedman Stat sold 11,794 shares of the firm's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $102.80, for a total value of $1,212,423.20. Following the transaction, the director now owns 88,129 shares of the company's stock, valued at approximately $9,059,661.20. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,989,975 shares of company stock worth $253,328,090. Company insiders own 12.93% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLTR. Roxbury Financial LLC purchased a new position in shares of Palantir Technologies during the fourth quarter worth $27,000. First PREMIER Bank purchased a new position in shares of Palantir Technologies during the fourth quarter worth $28,000. Wolff Wiese Magana LLC boosted its position in shares of Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock worth $29,000 after buying an additional 265 shares during the period. HighMark Wealth Management LLC raised its stake in shares of Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock valued at $30,000 after acquiring an additional 166 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new stake in shares of Palantir Technologies in the fourth quarter valued at $31,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.

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