Stanley Druckenmiller (Trades, Portfolio)'s Duquesne Family Office significantly reduced its position in Palantir Technologies (PLTR, Financial). The hedge fund sold 95% of its shares in PLTR during July-September, as per the information released in the 13F form. The fund held slightly more than 41,000 shares by the end of the fiscal year ended September 30, 2019, down from 770,000 in mid-2024.
Palantir's stocks gained 327% this year, fueled by the high demand for artificial intelligence platforms, Gotham and Foundry. This government approach gives steady and predictable revenues, while Foundry has signaled that it is ready for growth: customer numbers are 51% higher year-on-year.
Analysis showed that value concerns had pulled the trigger, given that Palantir was trading at 43 and 143 times the forecasted 2024 sales and 2025 estimated earnings, respectively, indicative of speculative tech evens. Most stocks in Druckenmiller's fund are traded actively, and their average holding period is seven months.
This rapid divestment underlines the art of making money while avoiding losses, and Palantir's growth narrative clashes with unsustainable valuation multiples.
