Palantir Technologies (NASDAQ:PLTR) Stock Price Down 2.3% – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price fell 2.3% during mid-day trading on Tuesday . The company traded as low as $116.18 and last traded at $116.70. 42,903,225 shares changed hands during trading, a decline of 9% from the average daily volume of 47,293,160 shares. The stock had previously closed at $119.50.

Trending Headlines about Palantir Technologies

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

• Positive Sentiment: Wall Street commentary suggests PLTR could rebound after its sharp year-to-date decline, with several bullish pieces arguing the selloff may have gone too far relative to Palantir’s growth profile.
• Positive Sentiment: Analysts highlighted a new strategic partnership with Zeta Global to build AI-powered marketing infrastructure on Palantir Foundry, which some firms called further validation of enterprise AI adoption. Palantir-Zeta Deal Marks Big Step Toward Agentic AI, Says Top Wedbush Analyst
• Positive Sentiment: Cathie Wood’s ARK Invest reportedly bought more Palantir shares, a sign some growth investors still see long-term value in the name.
• Positive Sentiment: Several articles framed the recent drop as a possible buying opportunity, pointing to Palantir’s strong revenue growth, profitability, and expanding commercial and government adoption.

Analyst Ratings Changes

A number of research firms have commented on PLTR. Zacks Research upgraded shares of Palantir Technologies from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Mizuho dropped their price objective on shares of Palantir Technologies from $195.00 to $185.00 and set an “outperform” rating for the company in a report on Tuesday, April 14th. DZ Bank began coverage on shares of Palantir Technologies in a research note on Thursday, April 23rd. They issued a “buy” rating and a $175.00 target price for the company. Citigroup boosted their target price on Palantir Technologies from $210.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Oppenheimer began coverage on Palantir Technologies in a research report on Thursday, April 30th. They set an “outperform” rating and a $200.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies presently has an average rating of “Moderate Buy” and a consensus target price of $192.76.

Palantir Technologies Stock Performance

The company’s 50-day moving average is $137.11 and its 200-day moving average is $151.23. The firm has a market cap of $257.42 billion, a price-to-earnings ratio of 121.13, a P/E/G ratio of 1.85 and a beta of 1.53.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, May 4th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. The firm had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the firm earned $0.13 EPS. The company’s revenue was up 84.7% on a year-over-year basis. On average, analysts predict that Palantir Technologies Inc. will post 1.18 EPS for the current year.

Insider Buying and Selling at Palantir Technologies

In related news, insider Jeffrey Buckley sold 1,481 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $128.80, for a total value of $190,752.80. Following the completion of the transaction, the insider owned 60,226 shares in the company, valued at $7,757,108.80. The trade was a 2.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander C. Karp sold 397,744 shares of the company’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 $54,109,093.76. Following the transaction, the insider directly owned 6,432,258 shares in the company, valued at approximately $875,044,378.32. This represents a 5.82% decrease in their position. 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. Insiders sold 927,270 shares of company stock valued at $126,197,785 over the last three months. Insiders own 9.53% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank acquired a new stake in Palantir Technologies in the fourth quarter worth about $5,149,641,000. Jennison Associates LLC acquired a new position in Palantir Technologies during the 1st quarter valued at about $1,574,111,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Palantir Technologies by 277.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 10,446,959 shares of the company’s stock valued at $1,528,143,000 after purchasing an additional 7,678,747 shares during the last quarter. State Street Corp boosted its stake in shares of Palantir Technologies by 7.2% in the 3rd quarter. State Street Corp now owns 101,258,899 shares of the company’s stock valued at $18,471,648,000 after purchasing an additional 6,777,771 shares during the last quarter. Finally, Cardano Risk Management B.V. grew its position in shares of Palantir Technologies by 917.4% during the 4th quarter. Cardano Risk Management B.V. now owns 6,585,630 shares of the company’s stock worth $1,170,596,000 after buying an additional 5,938,343 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

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.