Palantir (NYSE:PLTR) stock has been a major beneficiary of the artificial intelligence (AI) boom, with its shares already up by about 40% this year.
These gains increased after the big data analytics company announced its fourth-quarter earnings, showing a 32% annual growth rate in commercial revenues and a 70% increase in U.S. commercial revenues. A decline in commercial revenue growth was a major concern going into earnings, but Palantir eased those concerns. Total revenue for the quarter increased by 20% to $608.35 million.
What’s more, Palantir is also profitable. The company generated a GAAP EPS of 4 cents, marking its fifth consecutive quarter of profitability.
Shareholders were also pleased with Palantir’s guidance. Revenue for Q1 of 2024 is expected to be between $612 and $616 million, while adjusted income from operations is expected to be between $196 and $200 million. For 2024, Palantir forecasts revenue between $2.652 and $2.688 billion and U.S. commercial revenue growth of at least 40%. The company’s profitability is expected to continue with positive GAAP operating and net income in each quarter.
5 Investors Betting Big on PLTR Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. Based on 13F ownership, institutional investors certainly seem to be interested in PLTR.
During Q4, 979 13F filers disclosed ownership of PLTR, an increase of 9.75% or 87 filers from the prior quarter. Total shares owned by these filers increased by 6.42% to 859.79 million from 807.92 million.
Meanwhile, hedge funds, whose data is included in 13F metrics, were less bullish. Total hedge fund owners increased by 11% to 181, although total hedge fund exposure dipped by 4.27% to 197.71 million shares from 206.53 million shares.
With that in mind, let’s take a look at Palantir’s top shareholders:
- Vanguard: 193.80 million shares. Vanguard acquired 6.46 million shares during Q4.
- Peter Thiel: 148.92 million shares. Thiel’s stake decreased by 14.53 million shares compared to his last ownership disclosure.
- BlackRock (NYSE:BLK): 112.52 million shares. BlackRock acquired 7.04 million shares during Q4.
- Renaissance Technologies: 43.59 million shares. Renaissance sold 13,227 shares during Q4.
- State Street (NYSE:STT): 39.84 million shares. State Street acquired 2.82 million shares during Q4.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
