Today, Palantir (NYSE:PLTR) is once again in the news. Indeed, this retail investor favorite has been making headlines quite a bit lately for a variety of reasons. Accordingly, those investing in PLTR stock may be happy to see a double-digit gain on a month-over-month basis for this embattled meme stock.
As a Peter Thiel stock, Palantir is known as a company that thinks outside the box. Indeed, the company’s previous moves, including going public via direct listing, accepting Bitcoin (CCC:BTC-USD) for payment and making a series of big deals with foreign institutions aren’t without controversy. Indeed, Palantir is a company that’s intent on doing things in a new, perhaps unconventional, way.
Accordingly, recent news that Palantir has chosen to invest in a group of special purpose acquisition companies (SPACs) may not be that bewildering. After all, searching for hidden value is part of the company’s DNA. That said, investors may want to know a little more about what spurred such a move.
Let’s dive into Palantir’s latest unconventional move.
PLTR Stock Lower On Move Into SPACs
As many investors are already well aware, SPACs have turned from “hot” to “not” in very short order. Indeed, retail investors have seemingly moved on from the SPAC sector to seek moonshot bets elsewhere.
However, Palantir seems to think a contrarian approach is a good one right now. Accordingly, the company has announced it has expanded its portfolio of SPACs to over $300 million. These companies range across a variety of sectors and appear to be high-growth bets that Palantir is hoping will juice long-term returns. Additionally, the company announced, as part of its investing mandate, the purchase of more than $50 million in solid gold bars. These moves may be bewildering, but Palantir believes these are solid ways of enhancing shareholder return.
Here are the eight SPAC bets Palantir has announced as part of their new $300 million portfolio. Two other stocks were included but not disclosed.
- Sarcos Robotics
- Roivant Sciences
- Babylon Health
- Pear Therapeutics
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.