Palantir Technologies shares are coming under selling pressure Tuesday after three top executives filed with the Securities and Exchange Commission on Monday to disclose the sale of about 2.7 million shares. The sales followed the expiration last week of the company’s post-IPO lockup period.
Stephen Cohen, Palantir’s (ticker: PLTR) co-founder and president, sold 2 million shares, on Feb. 18, 19, and 22, at prices ranging from $25.07 to $30.03 a share. Those sales generated proceeds of about $53.6 million. The stock sales reduced Cohen’s stake to 203,647 shares.
Matthew Long, general counsel, sold 503,864 shares on Feb. 18, at prices ranging from $25.04 to $25.86 a share, for proceeds of about $12.6 million. Long now holds 781,939 shares.
Ryan Taylor, chief legal officer and business affairs officer, sold 218,255 shares on Feb. 18, at prices ranging from $25.07 to $25.85 a share, raising about $5.5 million. Taylor continues to hold 1.58 million shares.
The stock sales came just days after the company posted fourth-quarter financial results that met with a mixed reception from analysts and investors. Palantir posted revenue of $322 million for the quarter, up 40% from a year ago and well ahead of the Street consensus at $300.7 million. The company reported a non-GAAP profit of six cents a share, ahead of the Street consensus at two cents.
Some analysts were concerned that the company is becoming too reliant on government contracts. In the quarter, Palantir said, revenue from government customers was $190 million, up 85% from a year earlier, while commercial revenue was $132 million, up 4%.
Meanwhile, Palantir this morning announced a “multimillion-dollar expansion” of its relationship with 3M (MMM). The company said that “3M has chosen to expand its use of Palantir’s Foundry platform to support its digital transformation, assisting in the build out of a dynamic supply chain that enables the global manufacturer to respond nimbly to changes in demand across tens of thousands of products.”
Amid a broad selloff in technology shares, Palantir was down 5.3%, at $26.52, in recent trading. The S&P 500 was down 0.7%.
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