- NYSE:PLTR surged by 9.25% on Friday to cap off an eventful week for the company.
- Noted investor George Soros officially closes out his position in Palantir.
- Palantir remains committed to Bitcoin, even as other companies backtrack during the recent crypto volatility.
NYSE:PLTR has become a stock that always seems to be in the financial headlines, even if many retail investors still have no idea of what the company actually does. On Friday, to close out another roller coaster week for Palantir investors, the stock rebounded nicely to gain 9.25% and finished the trading session at $20.08. As far as the valuation issues that plagued Palantir at its peak, the stock is still trading at a fairly expensive price to sales ratio of 31 which is sure to give some investors pause when considering Palantir at its current price level.
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Noted venture capitalist and private equity investor George Soros has officially liquidated his position in Palantir, citing ethical issues with the future of big data. Soros has held the investment in Palantir long before the company direct listed on Wall Street, and has admitted in the past that he has regretted backing Palantir from the beginning. Soros’ exit comes at an interesting time as Palantir remains a battleground stock between retail and institutional investors, particularly when it comes to the divisive ETFs of Cathie Wood’s Ark Invest.
Palantir reported at its quarterly earnings call that it would be accepting Bitcoin as a payment moving forward, and may even consider holding the cryptocurrency as an investment on its balance sheet. This comes as other major companies like Tesla (NASDAQ:TSLA) and Square (NYSE:SQ) have backtracked on their commitment to Bitcoin, with Tesla CEO famously citing environmental concerns with Bitcoin mining that go against Tesla’s dedication renewable energy.
