Why Shares of Palantir Technologies Are Up Today
Shares of Palantir Technologies (NYSE: PLTR) gained 12% on Tuesday after the hedge fund run by legendary investor Steve Cohen disclosed a purchase of 29.9 million shares. The stock has climbed steadily since its late September debut, and Cohen's Point72 fund is apparently bullish the data analytics stock can continue to perform.
Palantir, which provides analytics for both corporate and government clients but is perhaps best known for its work with spy agencies, has been a hot stock since the beginning of November. The shares have gained 70% since the U.S. presidential election as some of the uncertainty around what the government will look like in 2021 has cleared.
Cohen apparently is optimistic about the company. In a filing, his Point72 Asset Management LP disclosed the purchase of 29.9 million shares in the last quarter.
Source Fool.com
