Palantir Technologies (NASDAQ:PLTR) Shares Down 9% After Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price dropped 9% on Friday following insider selling activity. The company traded as low as $73.04 and last traded at $76.07. Approximately 51,131,002 shares traded hands during trading, a decline of 26% from the average daily volume of 68,759,451 shares. The stock had previously closed at $83.60.

Specifically, insider Ryan D. Taylor sold 98,177 shares of Palantir Technologies stock in a transaction on Monday, March 31st. The stock was sold at an average price of $82.80, for a total value of $8,129,055.60. Following the completion of the sale, the insider now owns 403,171 shares of the company’s stock, valued at $33,382,558.80. The trade was a 19.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

PLTR has been the topic of a number of research analyst reports. Mizuho raised their price target on Palantir Technologies from $44.00 to $80.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Bank of America raised their target price on shares of Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $95.00 in a research report on Tuesday, February 4th. DA Davidson lifted their price target on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Royal Bank of Canada upped their price objective on Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a report on Tuesday, February 4th. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $75.19.

Palantir Technologies Trading Down 11.5 %

The stock has a market cap of $173.58 billion, a PE ratio of 389.55, a P/E/G ratio of 10.84 and a beta of 2.74. The company’s 50 day moving average is $92.67 and its 200-day moving average is $70.70.

Institutional Trading of Palantir Technologies

Hedge funds and other institutional investors have recently modified their holdings of the business. Prestige Wealth Management Group LLC increased 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 worth $27,000 after purchasing an additional 650 shares during the last quarter. Roxbury Financial LLC bought a new stake in shares of Palantir Technologies in the fourth quarter worth $27,000. First PREMIER Bank acquired a new stake in Palantir Technologies in the fourth quarter valued at $28,000. Wolff Wiese Magana LLC boosted its stake in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares during the last quarter. Finally, HighMark Wealth Management LLC grew its holdings in Palantir Technologies by 73.5% during the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after acquiring an additional 166 shares in the last quarter. 45.65% of the stock is 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.