Palantir Technologies (NASDAQ:PLTR) Hits New 1-Year Low – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $122.25 and last traded at $122.8210, with a volume of 18016339 shares changing hands. The stock had previously closed at $128.47.

Trending Headlines about Palantir Technologies

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

• Positive Sentiment: Palantir announced a strategic partnership with Zeta Global to build a unified data and AI infrastructure for enterprise marketing, which highlights growing commercial adoption of Palantir’s Foundry platform and validates its enterprise AI strategy. Article Title
• Positive Sentiment: Analysts and commentators continue to point to Palantir’s strong fundamentals, including rapid revenue growth and expanding use cases across government and commercial clients, suggesting the recent pullback may be driven more by sentiment than by a deterioration in the business. Article Title
• Neutral Sentiment: Some coverage frames PLTR as technically oversold after a steep selloff, which could attract bargain hunters, but this is more of a trading setup than a fundamental catalyst. Article Title
• Neutral Sentiment: Other articles debate whether the recent selloff has made Palantir attractive, but they do not add a new company-specific catalyst. Article Title
• Negative Sentiment: Michael Burry publicly flagged Palantir’s weakness, reinforcing bearish sentiment around the stock as it trades near recent lows. Article Title
• Negative Sentiment: Technical and sentiment-driven selling continues to weigh on PLTR, with reports citing a breakdown below support and a move to a 52-week low amid concerns about high valuation and a broader rotation out of AI/software stocks. Article Title

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PLTR shares. DA Davidson dropped their price objective on Palantir Technologies from $180.00 to $165.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 5th. Zacks Research upgraded Palantir Technologies from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. BNP Paribas Exane initiated coverage on Palantir Technologies in a report on Tuesday, June 16th. They set an “underperform” rating on the stock. Royal Bank Of Canada restated an “underperform” rating and issued a $90.00 price target on shares of Palantir Technologies in a research note on Tuesday, May 5th. Finally, Weiss Ratings downgraded Palantir Technologies from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $192.76.

Palantir Technologies Stock Performance

The company’s fifty day simple moving average is $137.49 and its two-hundred day simple moving average is $151.68. The stock has a market capitalization of $281.48 billion, a P/E ratio of 131.38, a PEG ratio of 1.90 and a beta of 1.53.

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

Insider Buying and Selling at Palantir Technologies

In other news, insider Shyam Sankar sold 165,514 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total value of $22,516,524.56. Following the completion of the sale, the insider directly owned 642,786 shares of the company’s stock, valued at $87,444,607.44. This represents a 20.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alexander C. Karp sold 397,744 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction 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 have sold a total of 927,270 shares of company stock worth $126,197,785 over the last three months. 9.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors have recently bought and sold shares of PLTR. Milestone Asset Management LLC raised its holdings in Palantir Technologies by 229.5% during the fourth quarter. Milestone Asset Management LLC now owns 60,551 shares of the company’s stock worth $10,763,000 after purchasing an additional 42,173 shares during the last quarter. VCI Wealth Management LLC increased its holdings in Palantir Technologies by 42.3% during the 4th quarter. VCI Wealth Management LLC now owns 12,187 shares of the company’s stock valued at $2,166,000 after acquiring an additional 3,621 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Palantir Technologies by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company’s stock valued at $38,295,188,000 after purchasing an additional 1,557,828 shares during the last quarter. PFA Pension Forsikringsaktieselskab purchased a new position in Palantir Technologies during the fourth quarter worth $222,143,000. Finally, Jefferson Bridge Capital LLC purchased a new stake in shares of Palantir Technologies in the fourth quarter valued at $1,322,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.