In this article, we discuss the 5 stocks that Stanley Druckenmiller is selling. If you want to read our detailed analysis of these stocks, go directly to Stanley Druckenmiller is Selling These 10 Stocks.
5. Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 26
Percentage Decrease in Stake During Q3: 60%
Palantir Technologies Inc. (NYSE: PLTR) markets software services for the intelligence community. The company was recently selected by the US Army for the delivery of an intelligence data fabric and analytics solution worth $823 million.
Latest securities filings reveal that Duquesne Capital owned 1.6 million shares in Palantir Technologies Inc. (NYSE: PLTR) at the end of the third quarter of 2021 worth $39 million.
At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $1.3 billion in Palantir Technologies Inc. (NYSE: PLTR), down from 32 in the preceding quarter worth $1.1 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.”
4. Penn National Gaming, Inc. (NASDAQ:PENN)
Number of Hedge Fund Holders: 40
Percentage Decrease in Stake During Q3: 54%
Penn National Gaming, Inc. (NASDAQ:PENN) owns and runs gaming and racing properties. Duquesne Capital owned 417,200 shares in the company at the end of September 2021 worth $30 million, representing 0.98% of the portfolio of the fund.
On November 11, investment advisory Deutsche Bank upgraded Penn National Gaming, Inc. (NASDAQ: PENN) stock to Hold from Sell with a price target of $31, citing valuation as the primary reason behind the upgrade.
At the end of the second quarter of 2021, 40 hedge funds in the database of Insider Monkey held stakes worth 1 billion in Penn National Gaming, Inc. (NASDAQ:PENN), down from 42 in the previous quarter worth $907 million.
In its Q1 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Penn National Gaming, Inc. (NASDAQ:PENN) was one of them. Here is what the fund said:
“Shares of regional casino operation Penn National Gaming, Inc. increased in the quarter on strong share gains in the online sports betting and gaming markets in Michigan and the opening of the large Illinois online sports betting market. Strong sequential growth in revenue and sustained margin improvement in its brick and mortar operations also helped boost the share price. We think these positive developments will lead to improvements in the company’s balance sheet and its EBITDA to free cash flow conversion.”
3. Intuit Inc. (NASDAQ:INTU)
Number of Hedge Fund Holders: 66
Percentage Decrease in Stake During Q3: 51%
Intuit Inc. (NASDAQ:INTU) provides financial management and compliance products. The company recently posted earnings for the first fiscal quarter, reporting earnings per share of $1.53, beating estimates by $0.56. The revenue over the period was $2 billion, up 52% year-on-year.
The hedge fund of billionaire Stanley Druckenmiller owned over 87,149 shares of Intuit Inc. (NASDAQ:INTU) at the end of the third quarter of 2021 worth more than $47 million, representing 1.52% of the portfolio.
Among the hedge funds being tracked by Insider Monkey, London-based investment firm Fundsmith LLP is a leading shareholder in Intuit Inc. (NASDAQ:INTU) with 4.5 million shares worth more than $2.2 billion.
2. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 238
Percentage Decrease in Stake During Q3: 49%
Microsoft Corporation (NASDAQ:MSFT) is a systems software firm based in Washington. According to regulatory filings, Duquesne Capital owned 777,689 shares in the company at the end of September 2021 worth $219 million.
Credit Suisse analyst Phil Winslow recently assumed coverage of Microsoft Corporation (NASDAQ:MSFT) stock with an Outperform rating and a price target of $400, noting the firm was poised for strong revenue growth in the next five years.
Among the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Microsoft Corporation (NASDAQ:MSFT) with 24.8 million shares worth more than $6.7 billion.
In its Q1 2021 investor letter, Polen Capital, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said:
“We have written extensively about Microsoft in recent commentaries. It was our leading contributor last year and one of our largest weightings within the Portfolio. It continues to experience business momentum through several dominant, essential, and competitively advantaged businesses, like Office 365 and Azure. The markets it competes for are enormous, which gives the company the ability to compound at scale. In the past quarter alone, the company generated over $40 billion in revenue, representing a 17% growth rate. The inherent operating leverage in Microsoft’s business model continues and led to 34% earnings growth this past quarter. Despite the broad rotation we saw in the first quarter and Microsoft’s robust performance in 2020, we think its business fundamentals continue to exhibit strength, and the stock continues to reflect the fundamentals.”
1. SentinelOne, Inc. (NYSE:S)
Number of Hedge Fund Holders: 67
Percentage Decrease in Stake During Q3: 40%
SentinelOne, Inc. (NYSE:S) provides cybersecurity solutions. The company recently announced that it would be partnering with forensics firm Blackpanda and insurance coverholder Pandamatics Underwriting to market artificial intelligence-powered cyber protection to businesses across Asia.
Latest data shows that Duquesne Capital owned 60,000 shares of SentinelOne, Inc. (NYSE:S) at the end of the third quarter of 2021 worth $3.2 million, representing 0.10% of the portfolio.
At the end of the second quarter of 2021, 67 hedge funds in the database of Insider Monkey held stakes worth $2 billion in SentinelOne, Inc. (NYSE:S).
You can also take a peek at 12 Best Big Tech Stocks to Buy Right Now and 10 Stocks That Just Received Sell Rating from Analysts.
