Palantir Technologies (NASDAQ:PLTR) Stock Declines Following Insider Sales

Palantir Technologies Inc. (NASDAQ:PLTR) witnessed a decline of 5.4% on Tuesday due to activity involving insider selling. The stock saw a low trading price of $70.31 before closing at $71.85. A total of approximately 42,862,020 shares exchanged hands, marking a decline of 38% compared to the average daily trading volume of 68,711,211 shares. The prior day's closing price stood at $75.92.

On Thursday, January 2nd, insider Ryan D. Taylor sold 483,987 shares of Palantir's stock at an average price of $74.48, resulting in a transaction worth $36,047,351.76. After this sale, Taylor holds 170,273 shares, valued at $12,681,933.04, reflecting a significant decrease of 73.97% in ownership. This transaction is filed with the Securities and Exchange Commission (SEC) and can be accessed on their official website. Additionally, Director Lauren Elaina Friedman Stat sold 800 shares on the same day at an average price of $76.29, amounting to $61,032.00. Following this sale, Friedman Stat retains 62,139 shares, valued at approximately $4,740,584.31, indicating a 1.27% drop in their position.

Analysts Adjust Price Targets

Several analysts have recently shared their views on Palantir Technologies. Northland Securities raised its price target from $35.00 to $38.00, rating the stock as 'market perform' in a report dated November 5th. Wedbush upgraded their target from $57.00 to $75.00, designating the stock as 'outperform' in a research note on November 25th. Conversely, Raymond James downgraded Palantir from 'outperform' to 'market perform' in a report published on September 23rd. Argus also changed their rating from 'buy' to 'hold' on November 7th. Morgan Stanley reiterated an 'underweight' rating and set a price objective of $60.00 for Palantir shares. Overall, seven analysts suggest selling, eleven recommend holding, and two advocate buying the stock, leading to a consensus rating of 'Hold' with an average target price of $42.12 according to MarketBeat.com.

Stock Performance Overview

Palantir Technologies has a market capitalization of $163.68 billion, a P/E ratio of 359.27, and a price-to-earnings-growth (PEG) ratio of 10.18, with a beta value of 2.82. The stock's 50-day simple moving average is $66.90, and its 200-day average is $44.73. On November 4th, Palantir released its quarterly earnings, reporting an earnings per share (EPS) of $0.10, slightly exceeding analysts' expectations of $0.09. The company's revenue for the quarter was $725.52 million, surpassing the forecasted $705.11 million, showing a year-over-year revenue increase of 30%. Analysts anticipate Palantir Technologies will post an EPS of $0.21 for the current fiscal year.

Institutional Investor Activity

Institutional investors have recently adjusted their holdings in Palantir Technologies. Charles Schwab Investment Management Inc. increased its stake by 60.5% in the third quarter, now owning 12,387,040 shares valued at $460,798,000 after acquiring an additional 4,667,955 shares. The State of Alaska Department of Revenue boosted its shares by 22.9%, owning 370,625 shares worth $13,786,000 following the purchase of 68,945 shares. Oppenheimer & Co. Inc. raised their stake by 19.2%, currently holding 541,567 shares valued at $20,146,000. Tyler Stone Wealth Management expanded its holdings by an impressive 97.9% and now owns 202,006 shares valued at $7,515,000. Coldstream Capital Management Inc. also entered a new position in Palantir during the same period, valued at $639,000. Approximately 45.65% of the stock is currently owned by institutional investors and hedge funds.

Company Profile

Palantir Technologies specializes in developing and deploying software systems that serve as central operational frameworks for its clientele. The company operates in two segments: Commercial and Government. The Commercial segment addresses clients in non-government sectors, while the Government segment focuses on providing services to both the United States government and non-United States government agencies.

Palantir, stocks, insiders