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5 Investors Betting Big on Palantir (PLTR) Stock

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  • Palantir (PLTR) beat on both revenue and adjusted EPS in its third-quarter earnings.
  • The company was also GAAP profitable for a fourth-straight quarter.
  • Vanguard was the largest shareholder of PLTR stock as of Q2.
PLTR stock - 5 Investors Betting Big on Palantir (PLTR) Stock

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Palantir (NYSE:PLTR) stock is up by more than 15% after the secretive big data analytics company reported its third-quarter earnings. During the quarter, Palantir was GAAP profitable for the fourth consecutive quarter in a row, reporting a GAAP EPS of 3 cents and an adjusted EPS of 7 cents. Wall Street analysts had forecast for an adjusted EPS of 6 cents.

Meanwhile, revenue tallied in at $558 million, up by 17% year-over-year (YOY) and beating the analyst estimate for $556.1 million. Third-quarter revenue also came out on top of Palantir’s prior guidance for between $553 million and $557 million.

Commercial revenue increased by 23% to $251 million while government revenue grew by 12% to $308 million. Artificial intelligence (AI) was a key contributor to revenue growth, which was led by increased interest in Palantir’s Artificial Intelligence Platform (AIP).

“Companies across industries in the United States are scrambling to deploy software platforms that will allow them to leverage the power of the latest large language models,” said CEO Alexander Karp. “And we have built what they need.”

For Q4, Palantir has guided for positive GAAP net income and revenue between $559 million and $603 million. The company also raised its 2023 full-year revenue guidance to between $2.216 billion and $2.220 billion, up from the prior guidance of “in excess of $2.212 billion.”

5 Investors Betting Big on PLTR Stock

Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During Q2, 853 13F filers disclosed a stake in PLTR stock, an impressive increase of 76 filers, or 9.78%, from the prior quarter. Of those filers, 24 own shares of the company in their top 10 positions. Meanwhile, total 13F shares owned by these filers increased to 734.64 million from 668.98 million, marking a 9.82% incline. It’s safe to say that institutional investors were busy buying up Palantir during the second quarter.

With that in mind, let’s take a look at Palantir’s largest shareholders:

  1. Vanguard: 168.58 million shares. Vanguard acquired 4.13 million shares during the Q2.
  2. Peter Thiel: 163.46 million shares. Thiel’s stake is only accurate as of Q4 2022.
  3. BlackRock (NYSE:BLK): 103.05 million shares. BlackRock acquired 4.42 million shares during Q2.
  4. Renaissance Technologies: 39.79 million shares. Renaissance sold off 814,600 shares during Q2.
  5. State Street (NYSE:STT): 35.81 million shares. State Street acquired 312,531 shares during Q2.

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/2023/11/5-investors-betting-big-on-palantir-pltr-stock-3/.

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