5 Best Stocks Under $20 According to Jim Simons’ Renaissance Technologies

3. Palantir Technologies Inc. (NYSE:PLTR)

Renaissance Technologies’ Stake Value: $266 million

Percentage of Renaissance Technologies’ 13F Portfolio: 0.33%

Number of Hedge Fund Holders: 33

Share Price as of December 12: $12.46

Palantir Technologies Inc. (NYSE:PLTR) is a software platform provider for the American intelligence community. Its products allow the agencies to identify patterns from a wide variety of intelligence sources such as informant reports, signals intelligence, and datasets.

Renaissance Technologies had a $266 million stake in Palantir Technologies Inc. (NYSE:PLTR) during Q4 2021, via owning 14.6 million shares. Insider Monkey’s survey of 924 hedge funds during the same time period revealed that 33 had invested in the software company.

For its fiscal Q4, Palantir Technologies Inc. (NYSE:PLTR) reported $432 million in revenue and $0.02 in non-GAAP EPS, missing analyst EPS estimates but beating them for revenue. Monness Crespi set a $20 price target for the company in April 2022, citing a strong global presence and the need for the company’s products in the wake of the Russian invasion of Ukraine.

Catherine D. Wood’s ARK Investment Management is Palantir Technologies Inc. (NYSE:PLTR)’s largest investor. It has a $642 million stake that comes through owning 35 million shares.

Tao Value mentioned the company in its fourth quarter 2021 investor letter. Here is what the fund said:

“We have no new position this quarter and have made below changes to our portfolio. We also sold Palantir (PLTR) as I identified it subject to high retail bubble risk (using above method) and are not part of our core “Mindful Compounder” holdings.”