Palantir Technologies (NYSE:PLTR) Sets New 12-Month Low After Analyst Downgrade

Palantir Technologies (NYSE:PLTR) Sets New 12-Month Low After Analyst Downgrade

Palantir Technologies logoPalantir Technologies Inc. (NYSE:PLTR – Get Rating) shares hit a new 52-week low on Monday after Morgan Stanley lowered their price target on the stock from $10.00 to $8.00. Morgan Stanley currently has an equal weight rating on the stock. Palantir Technologies traded as low as $6.41 and last traded at $6.41, with a volume of 970462 shares. The stock previously closed at $6.90.

A number of other research analysts have also issued reports on PLTR. The Goldman Sachs Group decreased their target price on shares of Palantir Technologies to $9.00 in a research report on Tuesday, November 15th. Royal Bank of Canada cut their target price on shares of Palantir Technologies from $6.00 to $5.00 and set an “underperform” rating on the stock in a research report on Monday, November 7th. Deutsche Bank Aktiengesellschaft lowered their price objective on Palantir Technologies from $8.00 to $7.00 in a research report on Tuesday, November 8th. Raymond James dropped their price target on Palantir Technologies from $20.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, November 8th. Finally, Citigroup decreased their price objective on Palantir Technologies from $6.00 to $5.00 and set a “sell” rating for the company in a report on Friday, November 11th. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Palantir Technologies has an average rating of “Hold” and an average price target of $11.83.

Insider Buying and Selling at Palantir Technologies

In other news, insider Stephen Andrew Cohen sold 79,761 shares of the company’s stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $7.25, for a total transaction of $578,267.25. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $4,292. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed via this link. In other news, insider Alexander C. Karp sold 809,398 shares of the firm’s stock in a transaction on Tuesday, December 6th. The stock was sold at an average price of $7.00, for a total value of $5,665,786.00. Following the completion of the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $45,025,806. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 79,761 shares of the business’s stock in a transaction on Wednesday, November 23rd. The shares were sold at an average price of $7.25, for a total value of $578,267.25. Following the sale, the insider now owns 592 shares in the company, valued at $4,292. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,078,739 shares of company stock valued at $7,606,842. Company insiders own 13.22% of the company’s stock.

Institutional Inflows and Outflows

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A number of hedge funds have recently added to or reduced their stakes in the stock. Private Capital Group LLC lifted its stake in Palantir Technologies by 81.2% in the 2nd quarter. Private Capital Group LLC now owns 2,907 shares of the company’s stock worth $26,000 after purchasing an additional 1,303 shares in the last quarter. CX Institutional bought a new stake in Palantir Technologies during the second quarter valued at $29,000. Exos TFP Holdings LLC purchased a new position in Palantir Technologies during the third quarter worth about $35,000. TCI Wealth Advisors Inc. increased its stake in Palantir Technologies by 41.5% in the 2nd quarter. TCI Wealth Advisors Inc. now owns 3,990 shares of the company’s stock worth $36,000 after acquiring an additional 1,170 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. purchased a new stake in shares of Palantir Technologies in the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 30.80% of the company’s stock.

Palantir Technologies Stock Performance

The stock has a 50-day moving average price of $7.70 and a 200-day moving average price of $8.42. The stock has a market cap of $13.21 billion, a P/E ratio of -22.68 and a beta of 2.89.

Palantir Technologies (NYSE:PLTR – Get Rating) last released its quarterly earnings results on Monday, November 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.02). The company had revenue of $477.88 million during the quarter, compared to analysts’ expectations of $474.58 million. Palantir Technologies has a negative return on equity of 8.86% and a negative net margin of 30.64%. Sell-side analysts forecast that Palantir Technologies Inc. will post -0.17 earnings per share for the current fiscal year.

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.

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