Stanley Druckenmiller is known as one of the best hedge fund managers of our time. That means that when he buys something, people listen. With the May 15 first-quarter 13F deadline past us, the general public now has access to the equity and options positions of institutional investors as of the end of March.
During the quarter, Druckenmiller’s fund, Duquesne Family Office, disclosed that it had bought back into Palantir (NYSE:PLTR) stock after selling out of its entire position of 700,707 shares in Q2 2023. He picked up 769,965 shares, which accounts for 0.40% of his 13F portfolio. Following the purchase, PLTR stock is now his 35th-largest 13F holding out of 73 total positions.
Druckenmiller first bought shares of the big data analytics company in Q1 2021, shortly after its initial public offering (IPO). His initial stake totaled 5.98 million shares, much larger than his current position.
PLTR Stock: Stanley Druckenmiller Buys Back In
Druckenmiller operates as a short- to medium-term investor. He has an average 13F holding period of 2.29 quarters, meaning that he is quick to take profits while hopping on to the next trend.
While Druckenmiller’s 13F allocation to PLTR stock is quite low, some other investors are willing to bet more. Excluding related parties, Keywise Capital has the highest allocation to Palantir at 20.02%, followed by Cypress Point Wealth Management at 18.18% and Primavera Capital Management at 16.76%.
PLTR has a been a standout stock this year and is up by over 30% year-to-date (YTD). During its Q1 earnings, the company raised its 2024 revenue guidance to between $2.68 billion and $2.69 billion, up from between $2.65 billion and $2.67 billion. Q1 revenue grew by 21% year-over-year (YOY) to $634.3 million, beating the analyst estimate for $615.3 million. Adjusted EPS tallied in at 8 cents, in-line with the analyst estimate.
However, Wall Street has issued concerns with Palantir’s valuation. PLTR carries an average price target of $20.54 among 18 analysts with coverage, implying downside of about 6%. Wedbush has the highest price target at $35 while RBC Capital has the lowest at $9 per share.
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.
