Palantir Technologies (NASDAQ:PLTR) Shares Down 2.4% – Here’s Why

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) dropped 2.4% during trading on Thursday . The stock traded as low as $124.81 and last traded at $129.04. 34,952,470 shares traded hands during mid-day trading, a decline of 26% from the average session volume of 47,466,891 shares. The stock had previously closed at $132.22.

Trending Headlines about Palantir Technologies

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Palantir expanded its partnership with GNP Seguros, marking its first publicly announced commercial customer in Latin America and reinforcing the company’s international enterprise growth story. Palantir Technologies (PLTR) Expands Partnership with GNP Seguros
• Positive Sentiment: Palantir also announced new partnerships with Rackspace and SNP to accelerate enterprise AI deployments in regulated and sovereign markets, which supports its commercialization narrative. Rackspace Technology Launches Operating Framework with Palantir for Regulated Enterprises to Accelerate Enterprise AI in Production
• Positive Sentiment: Several bullish commentary pieces argued that Palantir still has meaningful upside because of strong financial results, accelerating growth, and a software platform that is difficult to replicate. Here’s How Much More Upside Is Left in Palantir Stock, According to Wall Street Analysts
• Neutral Sentiment: Analyst coverage remains supportive overall, with articles highlighting a lower risk-reward profile after the recent pullback and suggesting the stock may have more room to run if growth stays strong. Palantir Stock: Accelerating Growth Improves the Risk-Reward Profile
• Neutral Sentiment: Palantir also remains a polarizing high-valuation AI name, with fresh commentary focused on its rich P/E ratio and debate over whether the stock’s premium is justified. Palantir: Implications Of 90x P/E
• Negative Sentiment: Political and regulatory headlines continue to weigh on sentiment, including reports that scrutiny over Palantir’s government contracts and ethics could threaten parts of its public-sector business. Palantir says UK police contract wrongly blocked over perceived ‘values’
• Negative Sentiment: Investors are also rotating out of expensive AI software names, and articles note that Palantir sold off alongside the broader sector as traders grew more cautious about lofty valuations. What Is Going on With Palantir Stock on Wednesday?

Wall Street Analyst Weigh In

PLTR has been the topic of a number of research reports. Argus upgraded shares of Palantir Technologies from a “hold” rating to a “buy” rating and set a $190.00 price target on the stock in a report on Wednesday, May 6th. Wolfe Research upgraded Palantir Technologies from an “underperform” rating to a “peer perform” rating in a research report on Tuesday, June 16th. Benchmark cut Palantir Technologies to a “hold” rating in a report on Tuesday, June 16th. Phillip Securities boosted their target price on Palantir Technologies from $190.00 to $202.00 in a research report on Monday, May 11th. Finally, Zacks Research upgraded Palantir Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Palantir Technologies has a consensus rating of “Moderate Buy” and a consensus price target of $190.85.

Palantir Technologies Stock Performance

The stock has a market cap of $309.35 billion, a P/E ratio of 144.99, a P/E/G ratio of 2.15 and a beta of 1.56. The stock’s fifty day moving average is $133.05 and its 200 day moving average is $146.99.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. Palantir Technologies had a return on equity of 28.34% and a net margin of 43.67%.The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.54 billion. During the same period in the previous year, the firm posted $0.13 earnings per share. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. Equities research analysts predict that Palantir Technologies Inc. will post 1.17 EPS for the current year.

Insider Activity

In related news, insider Stephen Andrew Cohen sold 319,934 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $43,523,821.36. Following the sale, the insider owned 592 shares in the company, valued at approximately $80,535.68. This represents a 99.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David A. Glazer sold 17,128 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total value of $2,330,093.12. Following the completion of the sale, the insider owned 375,242 shares of the company’s stock, valued at approximately $51,047,921.68. This represents a 4.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 1,112,270 shares of company stock worth $150,247,785. Company insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently made changes to their positions in the company. Basepoint Wealth LLC purchased a new stake in shares of Palantir Technologies in the fourth quarter worth approximately $29,000. Ballast Advisors LLC purchased a new position in Palantir Technologies during the 1st quarter valued at $29,000. Morton Brown Family Wealth LLC boosted its holdings in Palantir Technologies by 250.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 175 shares of the company’s stock valued at $31,000 after acquiring an additional 125 shares during the period. Cornerstone Financial Management LLC bought a new position in Palantir Technologies in the 4th quarter valued at $31,000. Finally, United Financial Planning Group LLC bought a new position in Palantir Technologies in the 3rd quarter valued at $32,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Company Profile

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.