5. Palantir Technologies Inc. (NYSE:PLTR)
Year-to-date Share Price Gain as of September 11: 109.65%
Number of Hedge Fund Holders: 44
Palantir Technologies Inc. (NYSE:PLTR) is a software technology company that enables organizations to conduct big data analytics. The company operates various platforms including Gotham, Foundry, and Apollo.
Each platform plays a critical role in assisting commercial customers and government agencies, especially counterterrorism departments. For instance, Palantir Apollo is a cloud-agnostic platform that coordinates the delivery of new updates and features to ensure the continuity of critical systems. On the other hand, Gotham allows users to trace hidden patterns in large datasets that can be used to make informed decisions.
Palantir Technologies Inc. (NYSE:PLTR) has also emerged as a hidden AI company and is enabling enterprises by providing core components to build and activate custom large language models and other AI integration with organizations. Its Artificial Intelligence Platform is coming out as a competitive advantage. Management has deployed its expertise to capitalize on the $600 billion AI opportunity. During the latest quarter, Q2 2024, management closed 27 deals amounting to more than $10 million.
Moreover, the last quarter also indicated a growing market share of Palantir Technologies Inc. (NYSE:PLTR) across all business segments. It not only grew its US commercial customers by 83% year-over-year but also improved its overall customer count by 41%. The increase in customer count translated directly into revenues growing 27% to $678 million and adjusted EPS growing 80% year-over-year to $0.09, both above analyst expectations.
That’s not it for Palantir Technologies Inc. (NYSE:PLTR). Another good news for its investors recently surfaced when the company qualified for the S&P 500. The stock has remained volatile since it went public in 2020, however, the news of its inclusion in the index vouches for the quality of business and robust growth management has delivered during that time.
It is one of the unstoppable growth stocks to buy now and was held by 44 hedge funds in Q2 2024, with total positions worth $2.55 billion. Renaissance Technologies is the top shareholder, with a position worth more than $1 billion.
Carillon Scout Mid Cap Fund stated the following regarding Palantir Technologies Inc. (NYSE:PLTR) in its first quarter 2024 investor letter:
“The top contributor to return for the quarter was Palantir Technologies Inc. (NYSE:PLTR). Sentiment improved on Palantir after it reported stronger than expected commercial customer revenue and free cash flow. U.S. commercial growth was especially encouraging, as U.S. commercial revenue was up by a large percentage year over year for the fourth quarter and U.S. commercial customer count grew nearly as much. We expect Palantir to become one of the premier artificial intelligence (AI) software providers, built on its Foundry and AIP platforms.”
