Palantir Technologies (NYSE:PLTR) Stock Price Down 6.6% After Insider Selling

Shares of Palantir Technologies Inc. (NYSE:PLTR) traded down 6.6% on Monday following insider selling activity. The company traded as low as $58.85 and last traded at $61.44. 63,943,051 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 58,410,379 shares. The stock had previously closed at $65.77.

Specifically, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $63.10, for a total transaction of $283,950,000.00. Following the sale, the insider now owns 6,432,258 shares of the company’s stock, valued at $405,875,479.80. This trade represents a 41.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alexander C. Karp sold 1,823,602 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $63.12, for a total transaction of $115,105,758.24. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $406,004,124.96. This trade represents a 22.09 % decrease in their position. The disclosure for this sale can be found here. In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 8,860 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $58.06, for a total transaction of $514,411.60. Following the completion of the sale, the director now directly owns 121,390 shares in the company, valued at approximately $7,047,903.40. The trade was a 6.80 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

Several brokerages have recently weighed in on PLTR. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a research note on Tuesday, August 6th. Northland Securities lifted their price target on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 5th. Monness Crespi & Hardt reduced their price objective on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a research note on Tuesday, August 6th. Wedbush lifted their target price on Palantir Technologies from $38.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, September 26th. Finally, DA Davidson upped their price target on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $31.71.

Palantir Technologies Price Performance

The firm has a market capitalization of $137.17 billion, a PE ratio of 306.27 and a beta of 2.70. The business has a 50-day simple moving average of $43.72 and a 200-day simple moving average of $32.36.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.03 EPS. On average, research analysts expect that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently made changes to their positions in PLTR. State Street Corp lifted its stake in Palantir Technologies by 96.4% in the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after purchasing an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after acquiring an additional 16,598,253 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Palantir Technologies by 5.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after acquiring an additional 808,444 shares during the period. ARK Investment Management LLC grew its position in Palantir Technologies by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after acquiring an additional 277,623 shares during the last quarter. Finally, FMR LLC increased its stake in Palantir Technologies by 8.8% in the third quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after purchasing an additional 1,004,603 shares during the period. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.