Palantir climbs 9% in volatile trading after 1st-quarter earnings report

Alexander Karp Palantir
CEO Alex Karp.

Palantir snapped a 10-day losing streak on Tuesday, climbing as much as 9%, after the company reported first-quarter earnings.

The data-analytics company reported revenue of $341.2 million for the quarter, exceeding Wall Street’s $332.5 million forecast.

Heading into Tuesday, Palantir shares had plunged 23% over a 10-day period amid a broader tech sell-off.

But not all investors are straying from the stock. Cathie Wood’s Ark Innovation ETF scooped up over 1 million shares of Palantir on Monday, while her Ark Next Generation Innovation ETF bought 294,177 shares, fund filings show.

Further, on the company’s Tuesday earnings call, chief financial officer David Glazar said Palantir would consider putting bitcoin on its balance sheet, and he said they accept bitcoin as payment.

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Palantir climbs 9% in volatile trading after mixed 1st-quarter earnings report

Alexander Karp Palantir
CEO Alex Karp.

  • Palantir snapped a 10-day losing streak after reporting mixed first-quarter earnings.
  • The company beat top-line revenue forecasts, but fell short of consensus profit estimates.
  • CFO David Glazer said Palantir accept bitcoin as payment, and has discussed adding it to the firm’s balance sheet.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Palantir snapped a 10-day losing streak on Tuesday, climbing as much as 9%, after the company reported mixed first-quarter earnings.

The data-analytics company reported a loss of 7 cents a share, which was deeper than the consensus estimate of 3 cents. However, revenue of $341.2 million for the quarter exceeded Wall Street’s $332.5 million forecast.

Heading into Tuesday, Palantir shares had plunged 23% over a 10-day period amid a broader tech sell-off.

But not all investors are straying from the stock. Cathie Wood’s Ark Innovation ETF scooped up over 1 million shares of Palantir on Monday, while her Ark Next Generation Innovation ETF bought 294,177 shares, fund filings show.

Further, on the company’s Tuesday earnings call, chief financial officer David Glazar said Palantir would consider putting bitcoin on its balance sheet, and he said they accept bitcoin as payment.

Screen Shot 2021 05 11 at 9.37.47 AM
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Palantir says it accepts bitcoin as payment and has mulled adding the cryptocurrency to its balance sheet

Palantir 1
Palantir logo on the New York Stock Exchange.

  • Palantir turned in its first-quarter earnings report on Monday, showing revenues surged 49% year-over-year.
  • In the company’s conference call, CFO David Glazer revealed Palantir accepts bitcoin as payment and has considered adding the cryptocurrency to its balance sheet.
  • “The short answer is yes, we’re thinking about it…In terms of accepting Bitcoin from our customers, we do accept it,” Glazer said.
  • See more stories on Insider’s business page.

Palantir released its first-quarter earnings report on Monday and there were a few standout comments in the company’s follow-up conference call.

Palantir’s chief financial officer and treasurer David Glazer was asked about bitcoin as a payment method and the possibility of adding cryptocurrency to the firm’s balance sheet.

Glazer said that not only has Palantir been considering adding bitcoin to its balance sheet, it also accepts the cryptocurrency as a form of payment from customers.

“Thanks for the question. The short answer is yes, we’re thinking about it and we’re even discussing this early, taking a look at our balance sheet in cash at quarter-end, including $151 million in adjusted free cash flow in Q1. So, it’s definitely on the table from a treasury perspective as well as other investments that we look across our business and beyond,” Glazer said.

“On the other side of that, in terms of accepting Bitcoin from our customers, we do accept it,” the CFO added.

Palantir turned in revenue of $341 million vs. analyst expectations for $332.2 million in the first quarter, while adjusted earnings per share hit $0.04, matching analyst estimates.

The big data company also reaffirmed that it expects annual revenue growth of +30% for the next four years.

The stock traded down 1.79%, recovering from a premarket drop, as of 9:31 a.m. ET on Tuesday.

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Palantir jumps 6% after securing 5-year contract with National Nuclear Security Administration

Palantir
Palantir logo on New York Stock Exchange.

  • Palantir rose 5.9% Monday after securing a five-year contract with the National Nuclear Security Administration.
  • Palantir will configure an operating system that will integrate data for the NNSA’s safety analytics project.
  • The data-mining company is down 2.04% year-to-date after a lockup expiration weighed on shares.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Shares of Palantir jumped 5.9% to as high as $24.45 a share Monday after securing a five-year contract with the National Nuclear Security Administration (NNSA).

The data surveillance company announced it was selected by the NNSA to provide its Office of Safety, Infrastructure, and Operations with a platform for data-driven decision-making in an agreement worth up to $89.9 million for up to five years.

Palantir will configure an operating system that will integrate data for the NNSA’s safety analytics project. This is Palantir’s first contract with the NNSA, a semi-autonomous agency within the US Department of Energy.

Shares of Palantir are down 2.04% year-to-date. After hitting new record highs in February, the data company has pared back gains amid a lockup expiration that’s prompted profit-taking from company insiders.

The NNSA is one of many government agencies that utilize Palantir’s software. In December, Palantir won a three-year contract with the FDA to help the agency approve drugs and monitor the safety of items like hand sanitizer. The data company also works with the US Health and Human Services Department, along with other agencies.

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Cathie Wood’s Ark Innovation ETF added 1.2 million shares of Palantir as the stock slipped to its lowest price in nearly 4 months

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Cathie Wood’s flagship fund bought the dip in Palantir on Wednesday, ETF records show.

Wood’s Ark Innovation ETF added roughly 1.2 million shares of Palantir as the stock sank to $21.88, its lowest closing price since November 23.

As of Wednesday’s close, the exchange-traded fund holds 10.8 million shares of Palantir worth $251 million. The data surveillance company makes up 1.07% of the Ark Innovation ETF.

Shares of Palantir closed down nearly 6% on Wednesday and continued to slide in premarket trading Thursday but reversed course after the opening bell. Palantir jumped as high as 1.9% to $22.30 Thursday morning.

The data company has fallen 17% in the last month amid a lockup expiration that’s prompted profit-taking from company insiders.

In a CNBC interview in February, Wood explained that her Palantir trade is a long-term bet. She also praised CEO Alex Karp’s plan to forfeit short-term profits and invest aggressively in the future.

“It’s exactly how we invest. We want our companies to invest aggressively. We don’t want profits now,” the investing titan told CNBC.

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