Palantir Technologies (NYSE:PLTR) Shares Gap Down After Insider Selling

by anlene
May 16, 2023

Shares of Palantir Technologies Inc. (NYSE:PLTR – Get Rating) gapped down before the market opened on Monday following insider selling activity. The stock had previously closed at $9.50, but opened at $9.21. Palantir Technologies shares last traded at $9.17, with a volume of 11,120,929 shares.

Specifically, insider Ryan D. Taylor sold 153,049 shares of the stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $10.07, for a total transaction of $1,541,203.43. Following the completion of the transaction, the insider now directly owns 281,526 shares in the company, valued at $2,834,966.82. The transaction was disclosed in a filing with the SEC, which can be accessed via this link. In other Palantir Technologies news, insider Ryan D. Taylor sold 153,049 shares of the company’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $10.07, for a total value of $1,541,203.43. Following the transaction, the insider now directly owns 281,526 shares of the company’s stock, valued at approximately $2,834,966.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 7,000 shares of the company’s stock in a transaction on Wednesday, March 15th. The shares were sold at an average price of $7.85, for a total value of $54,950.00. Following the sale, the director now owns 206,830 shares of the company’s stock, valued at $1,623,615.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 247,562 shares of company stock valued at $2,342,697. 13.71% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PLTR has been the topic of a number of recent research reports. DA Davidson initiated coverage on Palantir Technologies in a report on Tuesday, February 28th. They issued a “neutral” rating and a $8.00 target price on the stock. Jefferies Financial Group raised their target price on Palantir Technologies from $8.50 to $10.00 in a research report on Tuesday, May 9th. William Blair reissued an “underperform” rating on shares of Palantir Technologies in a research report on Monday, March 27th. Citigroup reiterated a “sell” rating and issued a $5.00 price target on shares of Palantir Technologies in a research report on Friday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Palantir Technologies from $6.00 to $7.00 in a research note on Tuesday, May 9th. Five equity research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.54.

Palantir Technologies Stock Performance

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The stock has a market cap of $20.01 billion, a PE ratio of -73.23, a PEG ratio of 2.66 and a beta of 2.85. The stock’s 50-day moving average is $8.24 and its two-hundred day moving average is $7.76.

Palantir Technologies (NYSE:PLTR – Get Rating) last posted its quarterly earnings results on Monday, February 13th. The company reported $0.04 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.01. Palantir Technologies has a negative return on equity of 12.92% and a negative net margin of 12.88%. The company had revenue of $508.62 million during the quarter, compared to the consensus estimate of $504.84 million. During the same quarter in the prior year, the company earned $0.02 EPS. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. Analysts forecast that Palantir Technologies Inc. will post 0.05 EPS for the current year.

Institutional Trading of Palantir Technologies

A number of institutional investors have recently bought and sold shares of the stock. Nomura Asset Management Co. Ltd. lifted its position in Palantir Technologies by 1.0% in the third quarter. Nomura Asset Management Co. Ltd. now owns 356,100 shares of the company’s stock valued at $2,895,000 after buying an additional 3,500 shares during the last quarter. Saba Capital Management LP grew its position in Palantir Technologies by 30.7% in the 3rd quarter. Saba Capital Management LP now owns 317,295 shares of the company’s stock valued at $2,580,000 after buying an additional 74,500 shares during the last quarter. MQS Management LLC acquired a new stake in Palantir Technologies in the third quarter valued at $108,000. International Assets Investment Management LLC lifted its holdings in Palantir Technologies by 93.6% in the fourth quarter. International Assets Investment Management LLC now owns 147,688 shares of the company’s stock valued at $948,000 after acquiring an additional 71,402 shares during the period. Finally, Simplicity Solutions LLC acquired a new position in shares of Palantir Technologies during the 4th quarter worth $74,000. 31.90% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

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Palantir Technologies Inc builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. 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 facilitating the handoff between analysts and operational users, helping operators plan and execute real-time world responses to threats that have been identified within the platform.