5 Investors Betting Big on Palantir (PLTR) Stock Now

  • Palantir (PLTR) beat on both revenue and earnings per share (EPS) for the fourth quarter.
  • Billionaire Peter Thiel is the largest shareholder of the company, although his stake is only accurate as of Q4 2021.
  • PLTR stock is up more than 30% year-to-date (YTD).
A close-up shot of a hand on a screen with the Palantir (PLTR) logo.
Source: Ascannio / Shutterstock.com

Palantir (NYSE:PLTR) stock is up more than 10% today after the big data analytics company reported its fourth-quarter earnings. Notably, Palantir reported its first-ever quarter of positive GAAP income, which tallied in at $31 million. Meanwhile, revenue came in at $509 million, up 18% year-over-year (YOY) and beating the analyst estimate of $502 million. Adjusted earnings per share (EPS) was 4 cents as well, beating the estimate of 3 cents.

Revenue from government entities was also a bright spot in the report, totaling $293 million for the quarter and up by 23% YOY. Meanwhile, total U.S. commercial customers increased to 143, up 79% YOY from 80 customers the same time last year.

CEO Alex Karp had the following to say:

“[O]ur basic view of Palantir is we are in this to make institutions of the West stronger. We believe we’re winning. Because we’re winning, I think there’s going to be a lot of interest in us in buying our software and potentially in buying us.”

For Q1, Palantir forecasts revenue between $503 million and $507 million, while analysts expect revenue of around $520 million. For the full-year 2023, the company also forecasts profitability and revenue between $2.18 billion and $2.23 billion. That’s below the analyst estimate for $2.29 billion.

Following earnings, several Wall Street firms adjusted their price targets for PLTR stock. Mizuho Securities raised its target to $8 from $7 per share. Wolfe Research raised its target to $6 from $4.50. Finally, Goldman Sachs lowered its target to $8 from $9 per share.

5 Investors Betting Big on PLTR Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q3, 773 13F filers disclosed ownership of PLTR stock, an increase of three filers from the prior quarter. In total, these filers own 663.78 million shares of PLTR, up from 634.37 million shares. Meanwhile, the institutional put/call ratio sits at 0.92, down from 1.06. That’s equivalent to 49.11 million puts and 53.18 million calls, implying a somewhat bullish options stance. With that in mind, let’s take a look at the largest shareholders of Palantir:

  1. Peter Thiel, Co-founder: 163.46 million shares. Thiel’s stake is accurate as of Q4 2021.
  2. Vanguard: 161.63 million shares. Vanguard purchased 4.14 million shares during Q4 2022.
  3. BlackRock (NYSE:BLK): 96.69 million shares. BlackRock purchased 4.97 million shares during Q4 2022.
  4. Alex Karp, Co-founder and CEO: 64.29 million shares. Karp’s stake is accurate as of Q4 2021.
  5. Renaissance Technologies: 43.00 million shares. Renaissance purchased 9.87 million shares during Q4 2022.

On the date of publication, Eddie Pan did not hold (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.

Eddie Pan specializes in institutional investments and insider activity. He writes for InvestorPlace’s Today’s Market team, which centers on the latest news involving popular stocks.

Article printed from InvestorPlace Media, https://investorplace.com/2023/02/5-investors-betting-big-on-palantir-pltr-stock-now/.

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