4. Palantir Technologies Inc. (NYSE: PLTR)
Number of Hedge Fund Holders: 26
Percentage gain in the past month: 14.66%
Software firm Palantir Technologies Inc. (NYSE: PLTR) ranks 4th on the list of 12 best meme stocks to invest in. Palantir Technologies Inc. (NYSE: PLTR) develops software solutions by using AI and machine learning.
On August 13, Wolfe Research analyst Alex Zukin maintained a Peer Perform rating on Palantir Technologies Inc. (NYSE: PLTR) and increased his price target to $25 per share from the previous $20, following the company’s strong Q2 results.
The company has a market cap of $52 billion. In the second quarter of 2021, Palantir Technologies Inc. (NYSE: PLTR) reported an EPS of $0.04, beating estimates by $0.01. The company’s second-quarter revenue came in at $375.64 million, an increase of 49.1% year over year, and beat revenue estimates by $14.54 million. The stock has gained 12%, year to date.
At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $1.36 billion in Palantir Technologies Inc. (NYSE: PLTR), down from 32 in the previous quarter worth $1.14 billion.
Out of the hedge funds being tracked by Insider Monkey, New York-based hedge fund firm ARK Investment Management is a leading shareholder in Palantir Technologies Inc. (NYSE: PLTR) with 30,681,798 shares worth more than $808 million.
In its Q2 2021 investor letter, Guardian Fund mentioned Palantir Technologies Inc. (NYSE: PLTR) and discussed its stance on the firm. Here is what the fund said:
“The success of the private sector to innovate in order to help people through the lockdowns and to produce vaccines at record speed at scale has been impressive. The fact that almost every public institution was struggling to be effective no matter how hard some of the people worked, shows the fundamental need of the public sector to become data-driven and invest in data infrastructure.
Government institutions have to partner with enterprises such as Palantir to become digital native. The public sector will always struggle to attract the most talented engineers as compensations cannot be justified with tax money and therefore this must be a partnership with specialized private enterprises. This is a great opportunity for Palantir especially as it has already
shown to be capable of working with demanding and complex public institutions entrusting it to work on the most critical and sensitive matters.
The news section of Palantir’s website gives insight in where new business is coming from. The main opportunity is in enterprise software and the faster onboarding time and increased self-service of clients is a positive sign. We believe Palantir is becoming one of the more important global software companies.
In addition, Palantir has quietly become a significant investor, investing well over USD 200 million in eight companies. Thereby, it is following the lead of companies like Tencent, Alphabet, and Shopify of establishing valuable investment portfolios.”
