Palantir Technologies (NASDAQ:PLTR) Stock Price Down 11.4% – Time to Sell?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price dropped 11.4% during trading on Thursday . The company traded as low as $95.80 and last traded at $99.33. Approximately 126,236,847 shares changed hands during trading, an increase of 47% from the average daily volume of 86,064,367 shares. The stock had previously closed at $112.06.

Analyst Ratings Changes

PLTR has been the subject of a number of research reports. William Blair reissued an “underperform” rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Loop Capital initiated coverage on Palantir Technologies in a research note on Thursday. They set a “buy” rating and a $141.00 price target for the company. Citigroup increased their price target on Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Baird R W raised Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Finally, Cantor Fitzgerald raised their price objective on Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Six research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $73.21.

Palantir Technologies Trading Down 8.3 %

The firm has a market capitalization of $234.03 billion, a price-to-earnings ratio of 540.85, a PEG ratio of 12.81 and a beta of 2.81. The company has a fifty day moving average price of $84.70 and a two-hundred day moving average price of $58.51.

Insider Transactions at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $76.29, for a total value of $61,032.00. Following the completion of the transaction, the director now directly owns 62,139 shares in the company, valued at approximately $4,740,584.31. This represents a 1.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alexander C. Karp sold 1,620,395 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $63.21, for a total value of $102,425,167.95. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $406,583,028.18. The trade was a 20.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 8,301,387 shares of company stock worth $575,821,045 in the last ninety days. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new position in shares of Palantir Technologies during the third quarter worth $25,000. Prestige Wealth Management Group LLC boosted its position in shares of Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after buying an additional 650 shares during the period. Roxbury Financial LLC purchased a new position in shares of Palantir Technologies during the fourth quarter worth $27,000. First PREMIER Bank acquired a new stake in shares of Palantir Technologies in the fourth quarter valued at $28,000. Finally, Wolff Wiese Magana LLC raised its stake in shares of Palantir Technologies by 230.4% in the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares in 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.