Palantir's Q2 Surge Sparks Global Investor Interest Ahead of Q3 Results
Palantir Technologies, the software company specialising in big data analytics, has caught the eye of investors worldwide. Recent financial results and analyst predictions have sparked a surge in institutional interest, with major investors positioning themselves ahead of the eagerly anticipated Q3 results on November 3.
Palantir's impressive Q2 results have certainly turned heads. The company reported a staggering 48% revenue growth and earnings of $0.16 per share, far exceeding analyst estimates. Piper Sandler analyst Clarke Jeffries even described Palantir as a 'secular winner of the AI revolution'.
This growth has not gone unnoticed by international investors. Norway's Norges Bank and State Street Corp have both increased their Palantir stock holdings in recent weeks. Norges Bank added approximately 6.28 million shares, a 34.9% increase, while State Street Corp added about 6.1 million shares, a 6.9% increase. Meanwhile, International Assets Investment Management LLC holds $21.25 million in Palantir stock, indicating broad international institutional interest.
Domestically, Virginia Retirement Systems and Wealthstream Advisors have made coordinated purchases of Palantir shares just before the Q3 results, suggesting institutions expect strong quarterly results. Virginia Retirement Systems alone purchased 326,400 shares, one of the largest individual purchases in recent weeks.
While Wall Street analysts maintain a 'Hold' rating for Palantir, with an average price target of $157.65, indicating valuation concerns, the company's recent performance and the surge in institutional investor interest suggest a positive outlook. As Palantir prepares to release its Q3 results, all eyes are on the company to see if it can continue its impressive growth trajectory.
