Palantir Pops as 13F Filings Reveal Hedge Fund Stakes

Palantir counts Point72, Anchorage Capital and Soros Fund Management among its institutional investors.
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Palantir  (PLTR) - Get Report shares jumped Tuesday after Point72 Asset Managment, Steve Cohen's hedge fund, and others disclosed that they've acquired tens of millions of shares of the data mining company. 

Point72 purchased 29.9 million Planatir shares in the third quarter, according to a 13F filing. Anchorage Capital Group acquired 2.95 million shares in the period.

Palantir shares rose 12.4% to $17.90 Tuesday afternoon. Palantir's stock has been on a tear since its debut in late September, more than doubling since then. 

Soros Fund Management said that its current 18.46 million-share stake in Palantir amounts to about 1% of its Class A shares due to an early-stage investment made in 2012.

“SFM made this investment at a time when the negative social consequences of big data were less understood. SFM would not make an investment in Palantir today," the company said in a statement, according to Bloomberg. 

Last week, the company posted a wider-than-expected third-quarter loss but higher-than-expected revenue in its first report as a public company, which it issued after the close on Thursday.

The Denver-based company recorded a net loss of 94 cents a share vs. a loss of 24 cents in the year-earlier quarter, on revenues of $289.4 million, up from $190.5 million a year ago. Shares outstanding rose 56% to 905.5 million from 580.1 million.

A survey of analysts by FactSet produced consensus estimates of net income of 2 cents a share on revenue of $279.4 million.

For the fourth quarter ,the company is guiding for revenue of $299 million to $301 million, up 30% to 31% from the year-earlier $229 million. The FactSet survey for Q4 indicates analysts are looking for an average of $296 million.