With artificial intelligence (AI) continuing to make waves across Wall Street, Palantir (NYSE:PLTR) stock is in focus. Indeed, the Denver-based analytics company is renowned for its use of AI and has soared this year for just such a reason. PLTR is up a staggering 142% since January, making the company one of the most lucrative AI plays this year. It’s no wonder so many major investors are willing to endure sizable stakes in the company.
What’s up with PLTR stock lately?
Well, even aside from Palantir’s stock performance, investors have plenty to be pleased with. If you recall, the company reported spectacular growth in its second-quarter earnings report. The company reported revenue of 533.32 million in the June quarter, up nearly 13% year-over-year. Perhaps even more promising, the company announced a net income of $28.13 million, up a staggering 115% from the same quarter last year. Even the company’s profit margins enjoyed a notable jump to 5.27%, up nearly 114% from 2022.
Clearly, Palantir is starting to capitalize on its long-promised potential.
5 Investors Betting Big on PLTR Stock
Institutional ownership of Palantir remained elevated in the second quarter of the year. According to recently released 13F filings, there are currently five funds with holdings of more than 20,000 PLTR shares, according to Whale Wisdom. Let’s see who the biggest fans of PLTR are:
- For yet another consecutive quarter, Vanguard Group is the largest Palantir shareholder, with 168,582,275 shares valued at a little less than $2.6 billion dollars.
- Next up is another notorious PLTR fan, BlackRock (NYSE:BLK). The fund owns 103,052,030 shares valued at about $1.5 billion.
- Tech investing guru Peter Thiel comes in third on the list, with 163,465,194 shares worth $1.38 billion. Interestingly, Thiel possesses more shares than #2, BlackRock, but the market value of his shares is a bit below BlackRock’s.
- Renaissance Technologies is the fourth largest holder of PLTR, with 39,799,157 million shares worth $610,121,000.
- State Street (NYSE:STT) rounds out the list with 35,816,153 shares valued at $549,061,625 million.
On the date of publication, Shrey Dua 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.
