The Palantir CEO stated that management’s efforts to improve the company are focused on the country, allied countries, and individual investors.
- According to Tipranks, public companies and individual investors own about a 55.6% stake in the company.
- Palantir stock fell sharply despite a beat-and-raise third quarter.
- For the year-to-date period, Palantir stock has gained 175%.
Palantir Technologies, Inc. (PLTR) stock is on track to open sharply lower following the data analytics company’s quarterly results. While analysts blame the plunge on moderation in buying, thanks to the stock’s stellar rally this year, Palantir co-founder and CEO Alex Karp was quick to rally retail traders around with his comments on the earnings call.
For the year-to-date period, Palantir stock has gained 175%.
Karp Courts Retail Investors
When a Palantir executive who hosted the earnings call asked whether Karp had any message for individual investors, he expressed gratitude for them. Refusing to call them retail investors, Karp said they are the ones who put up their own money and fight for Palantir. “And by the way, you are fighting for the right side of what should work in this country, meritocracy, lethal technology vis-a-vis adversaries, products that spread GDP to working-class women, men and women by making their value creation higher and by the way, your bank account.”
“And thank you for that.”
Karp took a swipe at those skeptics who are not invested in Palantir. “Please turn on the conventional television and see how unhappy those that didn’t invest in us are; Enjoy, get some popcorn, they’re crying.” He also said that management is working every day to improve the company, and it is doing this for the nation, for allied countries, and also for individual investors.
High Retail Ownership
According to Tipranks, public companies and individual investors own approximately a 55.6% stake in the company, with exchange-traded funds (ETFs), mutual funds, insiders, and other institutional investors holding 25.6%, 13.6%, 5.0%, and 0.3% stakes, respectively.
A disproportionate retail interest in the stock poses the risk of wild swings depending on the stances of this category of investors. GameStop, AMC, Bed Bath & Beyond, and BlackBerry are considered poster children of the meme phenomenon that hit its peak in 2021, taking these stocks to staggering heights. Meme stocks surge on social media hype and the collective push of retail traders, rather than on fundamental factors.
Following Palantir’s third-quarter earnings beat and an upward revision of full-year guidance, retail traders on Stocktwits remained ‘extremely bullish on the stock, with the buoyant mood accompanied by ‘extremely high’ message volume levels.
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