Palantir Technologies (NASDAQ:PLTR) Stock Price Down 2.2% - Here's Why

Key Points

• Palantir Technologies' stock fell by 2.2% on Friday, reaching a low of $151.06, with trading volume declining by 74% from its average.
• Recent analyst ratings show a mixed outlook, with four analysts issuing sell ratings, fifteen holding, and five buying, while the average price target stands at $96.45.
• Insider trading activity is notable, as executives sold over 1.4 million shares within the last three months, indicating potential concerns among insiders about the company’s future performance.

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) dropped 2.2% on Friday . The company traded as low as $151.06 and last traded at $154.89. Approximately 24,383,269 shares changed hands during trading, a decline of 74% from the average daily volume of 92,284,016 shares. The stock had previously closed at $158.35.

Analyst Ratings Changes

PLTR has been the topic of a number of recent research reports. Morgan Stanley raised their price objective 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. Deutsche Bank Aktiengesellschaft reissued a "sell" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. UBS Group reissued a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Mizuho raised Palantir Technologies from an "underperform" rating to a "neutral" rating and raised their price target for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, Cantor Fitzgerald raised their price target on Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $96.45.

Palantir Technologies Stock Down 1.3%

The firm has a 50-day moving average of $139.76 and a two-hundred day moving average of $111.35. The company has a market capitalization of $368.92 billion, a PE ratio of 678.74, a PEG ratio of 13.52 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced 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 company had revenue of $883.86 million during the quarter, compared to analysts' expectations of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. Palantir Technologies's quarterly revenue was up 39.4% on a year-over-year basis. During the same period last year, the business earned $0.08 earnings per share. Equities analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider David A. Glazer sold 3,418 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total value of $430,565.46. Following the completion of the sale, the insider directly owned 492,079 shares in the company, valued at $61,987,191.63. The trade was a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Shyam Sankar sold 405,000 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the sale, the insider owned 702,786 shares of the company's stock, valued at $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,485,632 shares of company stock valued at $191,222,623. 9.23% of the stock is owned by insiders.

Institutional Trading of Palantir Technologies

Institutional investors and hedge funds have recently made changes to their positions in the business. Liberty Wealth Management LLC boosted its stake in shares of Palantir Technologies by 20.2% in the second quarter. Liberty Wealth Management LLC now owns 6,546 shares of the company's stock worth $892,000 after acquiring an additional 1,101 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in shares of Palantir Technologies in the second quarter worth approximately $51,455,000. Teacher Retirement System of Texas boosted its stake in shares of Palantir Technologies by 8.1% in the second quarter. Teacher Retirement System of Texas now owns 805,547 shares of the company's stock worth $109,812,000 after acquiring an additional 60,503 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Palantir Technologies in the second quarter worth approximately $7,672,000. Finally, Transcend Capital Advisors LLC boosted its stake in shares of Palantir Technologies by 76.0% in the second quarter. Transcend Capital Advisors LLC now owns 8,087 shares of the company's stock worth $1,102,000 after acquiring an additional 3,492 shares during the last quarter. 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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