Palantir Technologies (NYSE:PLTR) Shares Gap Down - Here's What Happened

Palantir Technologies Inc. (NYSE:PLTR - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $75.75, but opened at $73.28. Palantir Technologies shares last traded at $73.20, with a volume of 13,265,365 shares trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PLTR. Northland Capmk upgraded shares of Palantir Technologies to a "hold" rating in a report on Thursday, August 22nd. Wedbush boosted their price objective on shares of Palantir Technologies from $57.00 to $75.00 and gave the stock an "outperform" rating in a research report on Monday, November 25th. Northland Securities raised their price objective on Palantir Technologies from $35.00 to $38.00 and gave the company a "market perform" rating in a report on Tuesday, November 5th. DA Davidson upped their price objective on Palantir Technologies from $28.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 5th. Finally, Bank of America boosted their price objective on shares of Palantir Technologies from $55.00 to $75.00 and gave the stock a "buy" rating in a research note on Monday, November 25th. Six analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $38.40.

Palantir Technologies Stock Down 1.8 %

The business's 50-day moving average price is $56.48 and its 200 day moving average price is $39.01. The company has a market capitalization of $169.46 billion, a P/E ratio of 371.70, a price-to-earnings-growth ratio of 10.18 and a beta of 2.87.

Palantir Technologies (NYSE:PLTR - Get Free Report) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company had revenue of $725.52 million for the quarter, compared to analysts' expectations of $705.11 million. During the same period in the prior year, the business earned $0.03 earnings per share. Palantir Technologies's revenue for the quarter was up 30.0% compared to the same quarter last year. Analysts anticipate that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Buying and Selling

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 10,721 shares of the business's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $76.78, for a total value of $823,158.38. Following the sale, the director now directly owns 100,923 shares of the company's stock, valued at approximately $7,748,867.94. The trade was a 9.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Alexander C. Karp sold 3,337,048 shares of the company's stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. The trade was a 34.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,612,366 shares of company stock valued at $1,867,342,292 over the last quarter. 12.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently bought and sold shares of the business. Summit Securities Group LLC bought a new stake in shares of Palantir Technologies during the 2nd quarter valued at $25,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Palantir Technologies in the second quarter valued at $25,000. Northwest Investment Counselors LLC purchased a new stake in Palantir Technologies during the third quarter valued at approximately $25,000. Prestige Wealth Management Group LLC grew its holdings in Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company's stock valued at $27,000 after purchasing an additional 650 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies in the second quarter worth $30,000. Hedge funds and other institutional investors own 45.65% of the company's stock.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.