Billionaire Cliff Asness is Selling These 5 Stocks in 2022

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1. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 36

Palantir Technologies Inc. (NYSE:PLTR) develops and deploys software platforms in the United States to assist government agencies in counterterrorism investigations and operations. Cliff Asness disposed of his Palantir Technologies Inc. (NYSE:PLTR) position in Q1 2022, which previously consisted of 31,075 shares worth $566,000. 

On May 10, Citi analyst Tyler Radke lowered the price target on Palantir Technologies Inc. (NYSE:PLTR) to $7 from $10 and reiterated a Sell rating on the shares. The company’s underlying growth continued to drop in Q1, with the barest quarterly revenue beat to date and its guidance is also below the Street consensus, the analyst told investors in a research note. The company displayed minimal commercial deal value growth and slowdowns in total/commercial revenue, noted the analyst.

Among the hedge funds tracked by Insider Monkey, 36 funds were long Palantir Technologies Inc. (NYSE:PLTR) at the end of Q1 2022, compared to 33 funds in the prior quarter. Jim Simons’ Renaissance Technologies held the biggest stake in the company, with 12.5 million shares worth $171.8 million. 

Here is what Tao Value has to say about Palantir Technologies Inc. (NYSE:PLTR) in its Q4 2021 investor letter:

“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.”

You can also take a look at Bill Gates Portfolio: 10 Stocks to Buy and Hold for Over 5 Years and 10 Biotech Stocks to Buy According to Billionaire DE Shaw.

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