Palantir Technologies (NASDAQ:PLTR) Trading Down 7.4% on Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price traded down 7.4% on Monday following insider selling activity. The company traded as low as $77.52 and last traded at $78.60. 43,979,896 shares changed hands during trading, a decline of 31% from the average session volume of 63,691,134 shares. The stock had previously closed at $84.91.

Specifically, Director Alexandra W. Schiff sold 6,776 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $86.63, for a total value of $587,004.88. Following the transaction, the director now directly owns 184,617 shares of the company’s stock, valued at approximately $15,993,370.71. This trade represents a 3.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

PLTR has been the topic of a number of analyst reports. Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $95.00 in a report on Tuesday, February 4th. Mizuho increased their price objective 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 lifted their target price on Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Baird R W upgraded Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Finally, William Blair raised shares of Palantir Technologies from an “underperform” rating to a “market perform” rating in a report on Wednesday, March 5th. Five equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of “Hold” and an average price target of $74.79.

Palantir Technologies Stock Performance

The company has a market cap of $184.36 billion, a P/E ratio of 414.77, a P/E/G ratio of 10.84 and a beta of 2.81. The firm has a 50 day moving average price of $87.43 and a two-hundred day moving average price of $63.71.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PLTR. Alpha Wealth Funds LLC purchased a new stake in Palantir Technologies in the fourth quarter valued at approximately $1,118,000. Copia Wealth Management bought a new stake in shares of Palantir Technologies during the 4th quarter worth $46,000. IronOak Wealth LLC. purchased a new position in Palantir Technologies in the fourth quarter worth $2,024,000. Wood Tarver Financial Group LLC bought a new position in Palantir Technologies in the fourth quarter valued at $251,000. Finally, Siemens Fonds Invest GmbH raised its position in Palantir Technologies by 115.5% during the fourth quarter. Siemens Fonds Invest GmbH now owns 46,791 shares of the company’s stock valued at $3,611,000 after purchasing an additional 25,074 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.