Palantir Gets Boost From Cathie Wood, George Soros

Two big names in the investing world have added positions in Palantir Technologies Inc 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 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.

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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