5 Stocks That Will Double in 2024

3. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 44

Palantir Technologies Inc. (NYSE:PLTR) is a Colorado-based company that is engaged in the development of data fusion platforms. It is one of the stocks that will double in 2024.

Hedge fund sentiment was positive toward Palantir Technologies Inc. (NYSE:PLTR) in the fourth quarter, as 44 funds had investments in the stock, up from 31 in the previous quarter. D E Shaw was the most significant stakeholder in the company, with 20.756 million shares worth $356.390 million.

On February 5, Palantir Technologies Inc. (NYSE:PLTR) reported its Q4 earnings result with a non-GAAP EPS of $0.08. The revenue of $608.35 million increased by 19.6% year-over-year (YoY), which beat the analysts’ estimates by $5.55 million.

Palantir Technologies Inc. (NYSE:PLTR) was mentioned in Carillon Tower Advisers’ third-quarter 2023 investor letter. Here is what it said:

“Palantir Technologies Inc. (NYSE:PLTR)’s stock moved higher on hopes that it could win business from the U.K.’s National Health Services and as customer counts grew rapidly in the latest quarterly report for the company’s new Artificial Intelligence Platform (AIP). Palantir also won a significant new contract with the U.S. Army in September, which should last through 2026. The debate on the street is how fast Palantir can monetize its new commercial customers. After the quarter closed, the company announced an enhanced marketing deal with a major auditing and consulting firm.”