Palantir stock rockets to record highs as hedge funds disclose stakes

Public Storage

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Public Storage is a real estate investment trust (REIT). The Company's principal business activities include the ownership and operation of self-storage facilities, which offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, ancillary activities, such as merchandise sales and tenant reinsurance to the tenants at its self-storage facilities, as well as the acquisition and development of additional self-storage space. The Company's segments include Self-Storage Operations, Ancillary Operations, Investment in PS Business Parks, Inc. (PSB) and Investment in Shurgard Europe. As of December 31, 2016, the Company had direct and indirect equity interests in 2,348 self-storage facilities (with approximately 154 million net rentable square feet) located in 38 states in the United States operating under the Public Storage name.

Palantir stock rockets to record highs as hedge funds disclose stakes

7:00 pm ET November 17, 2020 (MarketWatch) Print

By Wallace Witkowski

Palantir Technologies Inc. (PLTR) shares surged to a record high Tuesday following further disclosures that hedge funds are establishing positions in the data-analytics company.

Palantir shares rallied as much as 18% Tuesday for an intraday record of $18.75, and finished up 12% at a record close of $17.85.

On Monday, Steven Cohen's Point72 Asset Management disclosed it acquired 29.9 million shares (https://www.sec.gov/Archives/edgar/data/1603466/000156761920019914/xslForm13F_X01/form13fInfoTable.xml) of Palantir, or a 2.6% stake, while Anchorage Capital Group acquired just under 3 million shares (https://www.sec.gov/Archives/edgar/data/1300714/000156761920019858/xslForm13F_X01/form13fInfoTable.xml) for a 0.3% stake, according to Securities and Exchange Commission filings.

That follows Friday's disclosure that George Soros's eponymous Soros Fund Management scooped up 18.5 million shares (https://www.sec.gov/Archives/edgar/data/1029160/000090266420003949/xslForm13F_X01/infotable.xml) for a 1.6% stake of Palantir, and Daniel Loeb's Third Point holds 2.4 million shares (https://www.sec.gov/Archives/edgar/data/1040273/000108514620002962/xslForm13F_X01/infotable.xml). In a report Tuesday, however, Soros Fund Management told CNN (https://www.cnn.com/2020/11/16/investing/palantir-soros-third-point/index.html)that it had already sold the reported stake because it doesn't approve of the company's business practices and that the hedge fund "made this investment at a time when the negative social consequences of big data were less understood."

Peter Thiel's Founders Fund still owns the largest stake of outstanding shares at 129 million, or 11.1%. Last week, Palantir reported its first quarterly results as a public company (https://www.marketwatch.com/story/palantir-shares-fall-sharply-after-first-earnings-report-as-public-company-11605216662). At the end of September, Palantir went public and the stock finished up 31% (https://www.marketwatch.com/story/asana-shares-surge-more-than-30-while-palantir-still-awaits-first-trade-11601485452) above its reference price on the first day of trading. Since then, shares have nearly doubled in price.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

November 17, 2020 19:00 ET (00:00 GMT)