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

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) dropped 1.7% on Monday . The stock traded as low as $111.64 and last traded at $110.82. Approximately 39,236,156 shares traded hands during mid-day trading, a decline of 47% from the average daily volume of 74,078,683 shares. The stock had previously closed at $112.78.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on PLTR shares. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a research note on Tuesday, April 1st. Jefferies Financial Group lifted their target price on Palantir Technologies from $28.00 to $60.00 and gave the stock an "underperform" rating in a research report on Tuesday, February 4th. Bank of America boosted their price target on Palantir Technologies from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, February 4th. Loop Capital restated a "buy" rating on shares of Palantir Technologies in a research note on Friday, April 4th. Finally, Robert W. Baird increased their target price on Palantir Technologies from $70.00 to $100.00 and gave the company a "neutral" rating in a research note on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Palantir Technologies presently has an average rating of "Hold" and a consensus target price of $74.71.

Palantir Technologies Price Performance

The stock has a market capitalization of $277.78 billion, a price-to-earnings ratio of 623.40, a price-to-earnings-growth ratio of 10.84 and a beta of 2.74. The company has a 50-day simple moving average of $89.93 and a two-hundred day simple moving average of $78.39.

Insider Buying and Selling at Palantir Technologies

In other news, insider Heather A. Planishek sold 13,891 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $115.96, for a total value of $1,610,800.36. Following the completion of the transaction, the insider now owns 512,006 shares of the company's stock, valued at approximately $59,372,215.76. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total transaction of $65,000.00. Following the completion of the transaction, the director now owns 61,339 shares of the company's stock, valued at $4,983,793.75. This represents a 1.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,989,975 shares of company stock valued at $253,328,090 in the last ninety days. Company insiders own 12.93% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. lifted its position in shares of Palantir Technologies by 101.4% in the 4th quarter. Mather Group LLC. now owns 890 shares of the company's stock valued at $67,000 after acquiring an additional 448 shares in the last quarter. Diversify Wealth Management LLC bought a new stake in Palantir Technologies during the fourth quarter worth approximately $876,000. Destiny Wealth Partners LLC acquired a new position in Palantir Technologies during the fourth quarter valued at approximately $3,233,000. Kieckhefer Group LLC bought a new position in shares of Palantir Technologies in the fourth quarter valued at approximately $11,769,000. Finally, Grange Capital LLC acquired a new stake in shares of Palantir Technologies in the fourth quarter worth $5,829,000. 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.