Palantir Rallies After Steve Cohen’s Point72 Snaps Up Shares



© Reuters

(Bloomberg) — Palantir Technologies Inc. surged to a fresh high after Steve Cohen’s hedge fund and others disclosed they’ve been buying shares of the data-mining company.

Point72 Asset Management LP bought 29.9 million Palantir shares in the third quarter, according to a 13F filing released Monday. Anchorage Capital Group also acquired 2.95 million shares. That follows purchases by other hedge funds including Soros Fund Management, which snapped up 18.5 million shares.

Palantir shares rose as much as 18% in intraday trading on Tuesday. The stock has gained over 155% since it went public in September.

Since starting up in 2003, co-founder and chairman Peter Thiel has helped bankroll the business throughout its long period as a privately held business. The Denver-based company, which sells data analysis tools to governments and companies has climbed about 77% since the U.S. election as investors were optimistic about Palantir’s prospects after Joe Biden was elected president.

©2020 Bloomberg L.P.

 

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