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Palantir Gets Boost From Cathie Wood, George Soros

Palantir Gets Boost From Cathie Wood, George Soros

Two big names in the investing world have added positions in Palantir Technologies Inc (NYSE: PLTR), which went public via a direct listing in September.

What Happened: On Friday, Cathie Wood added 1,025,700 shares of Palantir to the Ark Next Generation Internet ETF (NYSE: ARKW). Palantir represents around 0.50% of the fund's assets, which is the second lowest holding.

The Soros Fund Management firm added 18.5 million shares of Palantir in the third quarter, according to a 13F filing put out on Friday. The fund is led by George Soros.

Related Link: Will Palantir Or Alteryx Stock Grow More By 2025?

Why It’s Important: The Ark Next Generation ETF is up over 105% in 2020 and is one of the best performing ETFs. Wood has a tendency to make a small purchase first and then start accumulating shares in chunks over the next few days.

Based on the Soros Fund filing, the purchase price was around $175 million, which means Soros could have bought shares at under $10. That valuation could be up by more than 50% thanks to Palantir's recent run-up to the $15 level.

Palantir reported third-quarter revenue of $298.4 million, up 52% year-over-year. The company also announced several key contracts wins in the third quarter.

Palantir expects to post revenue of $1.07 billion in the next fiscal year.

PLTR Price Action: Shares of Palantir were trading flat around $15.80 on Monday.

Photo courtesy: Cory Doctorow via Flickr


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Posted-In: Catherine Wood Cathie Wood George SorosNews Hedge Funds Tech Trading Ideas General Best of Benzinga

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