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

Palantir Technologies Inc. (NYSE:PLTR – Get Rating)’s stock price gapped down prior to trading on Wednesday following insider selling activity. The stock had previously closed at $12.64, but opened at $12.05. Palantir Technologies shares last traded at $11.96, with a volume of 22,724,749 shares trading hands.

Specifically, insider Shyam Sankar sold 269,510 shares of the stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $11.76, for a total value of $3,169,437.60. Following the completion of the sale, the insider now directly owns 1,603,950 shares of the company’s stock, valued at $18,862,452. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Ryan D. Taylor sold 29,887 shares of Palantir Technologies stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $12.15, for a total value of $363,127.05. Following the completion of the sale, the insider now owns 124,283 shares of the company’s stock, valued at approximately $1,510,038.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Shyam Sankar sold 269,510 shares of the business’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $11.76, for a total transaction of $3,169,437.60. Following the transaction, the insider now directly owns 1,603,950 shares of the company’s stock, valued at approximately $18,862,452. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 511,341 shares of company stock valued at $5,586,327. 13.96% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Mizuho upped their price objective on shares of Palantir Technologies from $7.00 to $8.00 and gave the company a “neutral” rating in a research report on Tuesday, February 14th. Royal Bank of Canada reaffirmed an “underperform” rating and set a $5.00 price objective on shares of Palantir Technologies in a research report on Thursday, February 23rd. The Goldman Sachs Group cut their price objective on shares of Palantir Technologies from $9.00 to $8.00 and set a “neutral” rating for the company in a research report on Tuesday, February 14th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Palantir Technologies from $6.00 to $7.00 in a research report on Tuesday, May 9th. Finally, William Blair reissued an “underperform” rating on shares of Palantir Technologies in a research note on Monday, March 27th. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.54.

Palantir Technologies Stock Performance

The company has a market capitalization of $25.90 billion, a P/E ratio of -94.08, a price-to-earnings-growth ratio of 4.16 and a beta of 2.85. The firm’s fifty day moving average is $8.74 and its 200-day moving average is $7.91.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Close Asset Management Ltd acquired a new position in Palantir Technologies during the first quarter worth $28,000. Manchester Capital Management LLC bought a new position in Palantir Technologies during the first quarter valued at approximately $28,000. Resurgent Financial Advisors LLC purchased a new position in Palantir Technologies during the 4th quarter valued at $28,000. Exos TFP Holdings LLC bought a new stake in shares of Palantir Technologies during the 3rd quarter valued at $35,000. Finally, Laffer Tengler Investments bought a new stake in shares of Palantir Technologies during the 1st quarter valued at $36,000. Institutional investors and hedge funds own 31.90% of the company’s stock.

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 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.