Reddit Stock Portfolio: 5 Most Popular Tech Stocks To Consider

In this article, we discuss the 5 most popular tech stocks to consider on Reddit. If you want to read our detailed analysis of these stocks, go directly to the Reddit Stock Portfolio: 10 Most Popular Tech Stocks To Consider. 

5. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 35

Palantir Technologies Inc. (NYSE:PLTR), which operates as an application software firm for the defense industry, has recently announced two partnerships that will help it gain further mainstream recognition as a pure software play. In early December, Palantir Technologies Inc. (NYSE:PLTR) revealed that it was partnering with German firm Merck to work on a data analytics platform to manage the chip shortage. The platform, dubbed Athinia, will use artificial intelligence to streamline supply chain operations. 

Palantir Technologies Inc. (NYSE:PLTR) also recently teamed up with Hyundai Heavy Industries to develop a big data platform for the core business of the latter. The two firms have also agreed to commercialize new big data solutions. Hedge funds seem exceedingly bullish on  Palantir Technologies Inc. (NYSE:PLTR). At the end of the third quarter of 2021, 35 hedge funds in the database of Insider Monkey held stakes worth $1.6 billion in Palantir Technologies Inc. (NYSE: PLTR), up from 26 in the preceding quarter worth $1.3 billion. 

In its Q4 2020 investor letter, Guardian Fund, an asset management firm, highlighted a few stocks and Palantir 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.”