5 Reddit Stocks to Buy in November

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In this article, we discuss the 5 Reddit stocks to buy in November. If you want to read our detailed analysis of these stocks, go directly to the 10 Reddit Stocks to Buy in November.

5. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 26

Palantir Technologies Inc. (NYSE:PLTR) markets software products for intelligence services. The company works closely with the US government in this regard. The firm has strong fundamentals. It recently posted earnings for the third quarter, reporting earnings per share of $0.04, in line with estimates. The revenue over the period was $392 million, up 35% year-on-year and beating predictions by $5.5 million. 

In early October, Palantir Technologies Inc. (NYSE:PLTR) had announced that it had won a contract from the US government to build a data and analytics foundation for the Capability Drop 2 (CD-2) program.

At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Palantir Technologies Inc. (NYSE:PLTR), down from 32 in the preceding quarter worth $1.1 billion. 

In its Q4 2020 investor letter, Guardian Fund, an asset management firm, highlighted a few stocks andPalantir Technologies Inc. (NYSE:PLTR) was one of them. Here is what the fund said:

“In October, we bought a stake in Palantir. Earlier, in June, our concentrated Tech Fund, which has a mandate to also buy shares in the secondary market, bought shares of Palantir from insiders, before the direct listing. At the price we bought, the equity had much more upside than downside. Palantir is operating a software platform that functions as the digital infrastructure for data-driven operations and decision making. The software helps to structure and capture context in data of large corporations. Governments are increasingly realizing that they have to deal with serious data challenges and cyber risk. As most governments cannot attract the most talented software engineers, they need private enterprises such as Palantir to help them build solid infrastructure. Foundry, Palantir’s software for enterprises, is used by companiesto make safer cars and airplanes or to accelerate cancer research. The speed to bring new clients on board is improving and revenues will grow faster than expenses. Palantir has a long runway of growth ahead.”

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