Pei_jie
2021-08-20
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Palantir: Big Bets Are Being Placed<blockquote>Palantir：正在下大赌注</blockquote>
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While some believe its lofty stock-based compensation expenses make it a poor investment, others feel its rapid revenue growth makes it a once in a lifetime opportunity. Amidst this tug of war between the bulls and the bears, institutional investors have quietly picked sides already. Latest data reveals that this class of investors once again actively bought shares of the data analytics company in the latest 13F filing cycle. Let's take a closer look at their trading activity and try to understand why they're so bullish on Palantir.</p><p><blockquote>投资论坛最近充满了围绕Palantir(PLTR)增长前景的争论。虽然一些人认为其高昂的股票薪酬费用使其成为一项糟糕的投资，但另一些人则认为其快速的收入增长使其成为一个千载难逢的机会。在这场多空拉锯战中，机构投资者已经悄然选边站。最新数据显示，这类投资者在最新的13F申报周期中再次积极购买了这家数据分析公司的股票。让我们仔细看看他们的交易活动，并尝试了解他们为什么如此看好Palantir。</blockquote></p><p> <b>The Active Buying</b></p><p><blockquote><b>积极购买</b></blockquote></p><p> I'd like to start by saying that institutional investors don't have a crystal bowl and they don't always get it right. However, this class of sophisticated investors does have access to certain resources - such as access to company management, supply chain connections, analysts to conduct scuttlebutt research - that give them an edge over retail investors. These institutions are mandated by the SEC to disclose their trades in 13F filings. So, following their trading activity can sometimes provide us with leading insights about where a company and its shares might head next.</p><p><blockquote>首先我想说，机构投资者没有水晶碗，他们并不总是做对。然而，这类老练的投资者确实可以获得某些资源——例如接触公司管理层、供应链关系、进行流言蜚语研究的分析师——这使他们比散户投资者更具优势。SEC要求这些机构在13F文件中披露其交易。因此，跟踪他们的交易活动有时可以为我们提供有关公司及其股票下一步可能走向的领先见解。</blockquote></p><p> As far as Palantir is concerned, the Nasdaq site states that institutional investors collectively bought roughly around 217 million of its shares, on a net basis, in the last 13F filing cycle. The company has around 1.86 billion shares outstanding which means that these investors collectively bought a gigantic 11.7% chunk of Palantir's entire share total in the last cycle alone.</p><p><blockquote>就Palantir而言，该纳斯达克网站表示，在上一个13F申报周期中，机构投资者总共净购买了约2.17亿股其股票。该公司拥有约18.6亿股已发行股票，这意味着这些投资者仅在上一个周期就购买了Palantir全部股份总数的11.7%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/66e41544f115c86563a459180172fa06\" tg-width=\"640\" tg-height=\"449\" width=\"100%\" height=\"auto\"><span>(Source: Nasdaq)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：纳斯达克）</span></p></blockquote></p><p> It's also worth noting that the buying activity wasn't concentrated across just a few institutions. In fact, the number of institutions that increased their holdings in Palantir outnumbered those that reduced their positions in the name by a factor of 2.4. This goes to indicate that a broad swath of institutions has grown extremely bullish on Palantir. For the record, the latest 13F filing cycle spanned from April through June, and the data was released this week.</p><p><blockquote>还值得注意的是，购买活动并不集中在少数机构。事实上，增持Palantir的机构数量比减持该名称的机构数量高出2.4倍。这表明广大机构已经变得极其看好Palantir。根据记录，最新的13F申报周期从4月持续到6月，数据于本周发布。</blockquote></p><p> Next, I wanted to check if Palantir's largest institutional investors traded any differently. After all, if its largest investors were selling, while other institutions were buying, then that discrepancy would require a further examination in itself. So, I compiled the trading activity of Palantir's 50 largest institutional investors that filed their 13F documents between April and June. The results were rather interesting.</p><p><blockquote>接下来，我想检查Palantir最大的机构投资者的交易是否有任何不同。毕竟，如果其最大的投资者在抛售，而其他机构在买入，那么这种差异本身就需要进一步检查。所以，我整理了Palantir 50家最大的机构投资者在4月至6月之间提交13F文件的交易活动。结果相当有趣。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/195f90892e63c5e9ba5ad907fac46347\" tg-width=\"640\" tg-height=\"498\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com, data from Nasdaq)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com，数据来自纳斯达克）</span></p></blockquote></p><p> As it turns out, only 11 of the 50 institutional investors reduced positions in Palantir while the remaining 39 either maintained or increased their exposure to the company. Some firms had initiated new positions while others increased their holdings by several thousand percent. In order to maintain the scalability and readability of the chart, I marked these entries as 100% on the chart above.</p><p><blockquote>事实证明，50家机构投资者中只有11家减少了Palantir的头寸，而其余39家则维持或增加了对该公司的投资。一些公司建立了新的头寸，而另一些公司则增加了数千%的持股。为了保持图表的可伸缩性和可读性，我在上面的图表上将这些条目标记为100%。</blockquote></p><p> But having said that, the results confirm that the recent buying into Palantir wasn't limited to a substratum of its institutional investors, but was instead widespread across institutions of varying sizes. We're now presented with the next question - why are institutional investors so bullish on Palantir in the first place?</p><p><blockquote>但话虽如此，结果证实，最近对Palantir的购买不仅限于机构投资者的底层，而是广泛存在于不同规模的机构中。我们现在面临下一个问题——为什么机构投资者首先如此看好Palantir？</blockquote></p><p> <b>Bullish for Good Reason</b></p><p><blockquote><b>看涨理由充分</b></blockquote></p><p> For starters, Palantir has lately been growing its revenues across both its reporting segments. Its government and commercial revenues, for instance, have increased by 66% and 27.3%, respectively, over the last one year alone. These elevated growth rates across both its segments highlight excellent execution on the management's part, and I believe it's a commendable feat. There's no telling as to when the company's growth momentum will slow down, at least not for the time being, which makes it a good growth stock.</p><p><blockquote>首先，Palantir最近在其两个报告部门的收入都在增长。例如，仅在过去一年，其政府和商业收入就分别增长了66%和27.3%。这两个细分市场的高增长率凸显了管理层的出色执行力，我相信这是一项值得称赞的壮举。目前尚不清楚该公司的增长势头何时会放缓，至少目前不会，这使其成为一只优秀的成长型股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60d4e5ae1557d28a982f8288e1d30d4e\" tg-width=\"640\" tg-height=\"548\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com）</span></p></blockquote></p><p></p><p> Secondly, I've explained this in my prior articles at length, that Palantir is undertaking a slew of measures - such as increasing its sales force, rolling out free versions of their platform for major enterprises, switching to a customer-friendly payment model - to expand its customer base. All these efforts seem to be finally bearing fruit. Palantir reported in its latest 10-Q filing that its customer count has risen to 169, up from 125 in Q2 last year.</p><p><blockquote>其次，我在之前的文章中详细解释了这一点，Palantir正在采取一系列措施，例如增加销售队伍、为主要企业推出免费版本的平台、转向客户友好的支付模式——扩大其客户群。所有这些努力似乎终于开花结果了。Palantir在最新的10季度文件中报告称，其客户数量已从去年第二季度的125家增至169家。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d3701d3e8a0cc429d937751936bc3e7\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com）</span></p></blockquote></p><p> This is important because as these new customers get familiarized with Palantir's platforms and integrate its offerings into their workflows, they're likely to ramp up their spending over the subsequent quarters. Enterprises usually follow a wait-and-watch approach to see if a particular thing is working out for their personnel before going full throttle on their spending. So, in essence, these new customer additions are likely to drive Palantir's revenue growth in the next several quarters. I believe this is another good reason why growth-seeking investors should consider Palantir.</p><p><blockquote>这一点很重要，因为随着这些新客户熟悉Palantir的平台，并将其产品整合到他们的工作流程中，他们可能在接下来的季度中增加他们的支出。企业通常会采取观望态度，看看某件事是否适合他们的员工，然后再全力增加支出。因此，从本质上讲，这些新客户的增加可能会推动Palantir未来几个季度的收入增长。我相信这是寻求增长的投资者应该考虑Palantir的另一个很好的理由。</blockquote></p><p> Lastly, Palantir may seem overvalued when just looking at its valuation multiples on a standalone basis, but that doesn't necessarily make it a bad investment. To put things in perspective, let's look at the scatter chart below. I plotted the price-to-sales (or PS) multiples on the Y-axis and the revenue growth rates on the X-axis. Next, I selected the software infrastructure industry to plot 105 of the constituting US stocks.</p><p><blockquote>最后，仅从独立的估值倍数来看，Palantir似乎被高估了，但这并不一定意味着它是一项糟糕的投资。为了正确看待事情，让我们看看下面的散点图。我在Y轴上绘制了市销率（或PS）倍数，在X轴上绘制了收入增长率。接下来，我选择软件基础设施行业来绘制构成美股的105只。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/07c4b9122babaf261757ab8bb671ebbe\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com）</span></p></blockquote></p><p> Surely, per the Y-axis, Palantir is trading at a higher PS multiple compared to its peers. However, it's also evident from the X-axis that Palantir is growing faster than most of the other stocks in its peer group. There are a few companies that are growing faster than Palantir, but they're trading at even higher multiples. So, in essence, investors are paying a premium to own the rapidly-growing quality stock, that is Palantir.</p><p><blockquote>当然，根据Y轴，Palantir的市盈率高于同行。然而，从X轴也可以明显看出，Palantir的增长速度快于同行中的大多数其他股票。有一些公司的增长速度比Palantir更快，但它们的市盈率甚至更高。因此，从本质上讲，投资者正在支付溢价来持有快速增长的优质股票，即Palantir。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> I'd like to add a caveat here. The 13F filings data is based on trades that have already taken place in the past and may not reoccur. So, readers and investors should, at best, use this data to test if their trade direction and investment thesis conform with the trading activity of Palantir's institutional investors.</p><p><blockquote>我想在这里补充一个警告。13F备案数据基于过去已经发生且可能不会再次发生的交易。因此，读者和投资者充其量应该使用这些数据来测试他们的交易方向和投资论点是否符合Palantir机构投资者的交易活动。</blockquote></p><p> Having said that, if these firms felt that the bearish narratives surrounding Palantir had any merit, they wouldn't have been so active with the buy orders and they might have trimmed their positions. But that did not happen.</p><p><blockquote>话虽如此，如果这些公司认为围绕Palantir的看跌言论有任何价值，他们就不会如此积极地发出买入订单，并且可能会削减头寸。但这并没有发生。</blockquote></p><p> Instead, a broad swath of institutional investors accumulated the data analytics firm's shares in large quantities. This suggests that these investors are forecasting a significant upside in Palantir's shares and are discounting the bearish narratives floating around in investing forums. This should come across as an encouraging sign for the company's long-side shareholders.</p><p><blockquote>相反，大量机构投资者大量积累了这家数据分析公司的股票。这表明这些投资者预测Palantir的股价将大幅上涨，并对投资论坛上流传的看跌言论不屑一顾。对于公司的多头股东来说，这应该是一个令人鼓舞的迹象。</blockquote></p><p> As far as I'm concerned, I believe Palantir is modestly valued given its elevated growth rates and also feel that its continued customer base expansion will drive its financial growth going forward. So, overall, I'm bullish on the company and believe that its shares will rise further in the coming weeks and months. Good Luck!</p><p><blockquote>就我而言，鉴于Palantir的高增长率，我认为Palantir的估值适中，并且认为其客户群的持续扩张将推动其未来的财务增长。因此，总体而言，我看好该公司，并相信其股价将在未来几周和几个月内进一步上涨。祝你好运！</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Big Bets Are Being Placed<blockquote>Palantir：正在下大赌注</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: Big Bets Are Being Placed<blockquote>Palantir：正在下大赌注</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-08-20 14:34</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Institutional investors collectively bought about 11.7% of the company's total share count in the last 13F cycle.</li> <li>Palantir's growth momentum can accelerate in the coming quarters thanks to its rapid customer additions.</li> <li>Readers and investors may want to remain long on the name.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7911389154a69c13df39e3a45f7031aa\" tg-width=\"1280\" tg-height=\"853\" width=\"100%\" height=\"auto\"><span>Michael Vi/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>在上一个13F周期中，机构投资者总共购买了该公司股票总数的约11.7%。</li><li>由于客户的快速增加，Palantir的增长势头在未来几个季度可能会加速。</li><li>读者和投资者可能希望长期关注这个名字。</li></ul><p class=\"t-img-caption\"><span>Michael Vi/iStock社论来自Getty Images</span></p></blockquote></p><p> Investing forums are lately rife with debates around Palantir's (PLTR) growth prospects. While some believe its lofty stock-based compensation expenses make it a poor investment, others feel its rapid revenue growth makes it a once in a lifetime opportunity. Amidst this tug of war between the bulls and the bears, institutional investors have quietly picked sides already. Latest data reveals that this class of investors once again actively bought shares of the data analytics company in the latest 13F filing cycle. Let's take a closer look at their trading activity and try to understand why they're so bullish on Palantir.</p><p><blockquote>投资论坛最近充满了围绕Palantir(PLTR)增长前景的争论。虽然一些人认为其高昂的股票薪酬费用使其成为一项糟糕的投资，但另一些人则认为其快速的收入增长使其成为一个千载难逢的机会。在这场多空拉锯战中，机构投资者已经悄然选边站。最新数据显示，这类投资者在最新的13F申报周期中再次积极购买了这家数据分析公司的股票。让我们仔细看看他们的交易活动，并尝试了解他们为什么如此看好Palantir。</blockquote></p><p> <b>The Active Buying</b></p><p><blockquote><b>积极购买</b></blockquote></p><p> I'd like to start by saying that institutional investors don't have a crystal bowl and they don't always get it right. However, this class of sophisticated investors does have access to certain resources - such as access to company management, supply chain connections, analysts to conduct scuttlebutt research - that give them an edge over retail investors. These institutions are mandated by the SEC to disclose their trades in 13F filings. So, following their trading activity can sometimes provide us with leading insights about where a company and its shares might head next.</p><p><blockquote>首先我想说，机构投资者没有水晶碗，他们并不总是做对。然而，这类老练的投资者确实可以获得某些资源——例如接触公司管理层、供应链关系、进行流言蜚语研究的分析师——这使他们比散户投资者更具优势。SEC要求这些机构在13F文件中披露其交易。因此，跟踪他们的交易活动有时可以为我们提供有关公司及其股票下一步可能走向的领先见解。</blockquote></p><p> As far as Palantir is concerned, the Nasdaq site states that institutional investors collectively bought roughly around 217 million of its shares, on a net basis, in the last 13F filing cycle. The company has around 1.86 billion shares outstanding which means that these investors collectively bought a gigantic 11.7% chunk of Palantir's entire share total in the last cycle alone.</p><p><blockquote>就Palantir而言，该纳斯达克网站表示，在上一个13F申报周期中，机构投资者总共净购买了约2.17亿股其股票。该公司拥有约18.6亿股已发行股票，这意味着这些投资者仅在上一个周期就购买了Palantir全部股份总数的11.7%。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/66e41544f115c86563a459180172fa06\" tg-width=\"640\" tg-height=\"449\" width=\"100%\" height=\"auto\"><span>(Source: Nasdaq)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：纳斯达克）</span></p></blockquote></p><p> It's also worth noting that the buying activity wasn't concentrated across just a few institutions. In fact, the number of institutions that increased their holdings in Palantir outnumbered those that reduced their positions in the name by a factor of 2.4. This goes to indicate that a broad swath of institutions has grown extremely bullish on Palantir. For the record, the latest 13F filing cycle spanned from April through June, and the data was released this week.</p><p><blockquote>还值得注意的是，购买活动并不集中在少数机构。事实上，增持Palantir的机构数量比减持该名称的机构数量高出2.4倍。这表明广大机构已经变得极其看好Palantir。根据记录，最新的13F申报周期从4月持续到6月，数据于本周发布。</blockquote></p><p> Next, I wanted to check if Palantir's largest institutional investors traded any differently. After all, if its largest investors were selling, while other institutions were buying, then that discrepancy would require a further examination in itself. So, I compiled the trading activity of Palantir's 50 largest institutional investors that filed their 13F documents between April and June. The results were rather interesting.</p><p><blockquote>接下来，我想检查Palantir最大的机构投资者的交易是否有任何不同。毕竟，如果其最大的投资者在抛售，而其他机构在买入，那么这种差异本身就需要进一步检查。所以，我整理了Palantir 50家最大的机构投资者在4月至6月之间提交13F文件的交易活动。结果相当有趣。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/195f90892e63c5e9ba5ad907fac46347\" tg-width=\"640\" tg-height=\"498\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com, data from Nasdaq)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com，数据来自纳斯达克）</span></p></blockquote></p><p> As it turns out, only 11 of the 50 institutional investors reduced positions in Palantir while the remaining 39 either maintained or increased their exposure to the company. Some firms had initiated new positions while others increased their holdings by several thousand percent. In order to maintain the scalability and readability of the chart, I marked these entries as 100% on the chart above.</p><p><blockquote>事实证明，50家机构投资者中只有11家减少了Palantir的头寸，而其余39家则维持或增加了对该公司的投资。一些公司建立了新的头寸，而另一些公司则增加了数千%的持股。为了保持图表的可伸缩性和可读性，我在上面的图表上将这些条目标记为100%。</blockquote></p><p> But having said that, the results confirm that the recent buying into Palantir wasn't limited to a substratum of its institutional investors, but was instead widespread across institutions of varying sizes. We're now presented with the next question - why are institutional investors so bullish on Palantir in the first place?</p><p><blockquote>但话虽如此，结果证实，最近对Palantir的购买不仅限于机构投资者的底层，而是广泛存在于不同规模的机构中。我们现在面临下一个问题——为什么机构投资者首先如此看好Palantir？</blockquote></p><p> <b>Bullish for Good Reason</b></p><p><blockquote><b>看涨理由充分</b></blockquote></p><p> For starters, Palantir has lately been growing its revenues across both its reporting segments. Its government and commercial revenues, for instance, have increased by 66% and 27.3%, respectively, over the last one year alone. These elevated growth rates across both its segments highlight excellent execution on the management's part, and I believe it's a commendable feat. There's no telling as to when the company's growth momentum will slow down, at least not for the time being, which makes it a good growth stock.</p><p><blockquote>首先，Palantir最近在其两个报告部门的收入都在增长。例如，仅在过去一年，其政府和商业收入就分别增长了66%和27.3%。这两个细分市场的高增长率凸显了管理层的出色执行力，我相信这是一项值得称赞的壮举。目前尚不清楚该公司的增长势头何时会放缓，至少目前不会，这使其成为一只优秀的成长型股票。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/60d4e5ae1557d28a982f8288e1d30d4e\" tg-width=\"640\" tg-height=\"548\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com）</span></p></blockquote></p><p></p><p> Secondly, I've explained this in my prior articles at length, that Palantir is undertaking a slew of measures - such as increasing its sales force, rolling out free versions of their platform for major enterprises, switching to a customer-friendly payment model - to expand its customer base. All these efforts seem to be finally bearing fruit. Palantir reported in its latest 10-Q filing that its customer count has risen to 169, up from 125 in Q2 last year.</p><p><blockquote>其次，我在之前的文章中详细解释了这一点，Palantir正在采取一系列措施，例如增加销售队伍、为主要企业推出免费版本的平台、转向客户友好的支付模式——扩大其客户群。所有这些努力似乎终于开花结果了。Palantir在最新的10季度文件中报告称，其客户数量已从去年第二季度的125家增至169家。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4d3701d3e8a0cc429d937751936bc3e7\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com）</span></p></blockquote></p><p> This is important because as these new customers get familiarized with Palantir's platforms and integrate its offerings into their workflows, they're likely to ramp up their spending over the subsequent quarters. Enterprises usually follow a wait-and-watch approach to see if a particular thing is working out for their personnel before going full throttle on their spending. So, in essence, these new customer additions are likely to drive Palantir's revenue growth in the next several quarters. I believe this is another good reason why growth-seeking investors should consider Palantir.</p><p><blockquote>这一点很重要，因为随着这些新客户熟悉Palantir的平台，并将其产品整合到他们的工作流程中，他们可能在接下来的季度中增加他们的支出。企业通常会采取观望态度，看看某件事是否适合他们的员工，然后再全力增加支出。因此，从本质上讲，这些新客户的增加可能会推动Palantir未来几个季度的收入增长。我相信这是寻求增长的投资者应该考虑Palantir的另一个很好的理由。</blockquote></p><p> Lastly, Palantir may seem overvalued when just looking at its valuation multiples on a standalone basis, but that doesn't necessarily make it a bad investment. To put things in perspective, let's look at the scatter chart below. I plotted the price-to-sales (or PS) multiples on the Y-axis and the revenue growth rates on the X-axis. Next, I selected the software infrastructure industry to plot 105 of the constituting US stocks.</p><p><blockquote>最后，仅从独立的估值倍数来看，Palantir似乎被高估了，但这并不一定意味着它是一项糟糕的投资。为了正确看待事情，让我们看看下面的散点图。我在Y轴上绘制了市销率（或PS）倍数，在X轴上绘制了收入增长率。接下来，我选择软件基础设施行业来绘制构成美股的105只。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/07c4b9122babaf261757ab8bb671ebbe\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\"><span>(Source: BusinessQuant.com)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：BusinessQuant.com）</span></p></blockquote></p><p> Surely, per the Y-axis, Palantir is trading at a higher PS multiple compared to its peers. However, it's also evident from the X-axis that Palantir is growing faster than most of the other stocks in its peer group. There are a few companies that are growing faster than Palantir, but they're trading at even higher multiples. So, in essence, investors are paying a premium to own the rapidly-growing quality stock, that is Palantir.</p><p><blockquote>当然，根据Y轴，Palantir的市盈率高于同行。然而，从X轴也可以明显看出，Palantir的增长速度快于同行中的大多数其他股票。有一些公司的增长速度比Palantir更快，但它们的市盈率甚至更高。因此，从本质上讲，投资者正在支付溢价来持有快速增长的优质股票，即Palantir。</blockquote></p><p> <b>Final Thoughts</b></p><p><blockquote><b>最后的想法</b></blockquote></p><p> I'd like to add a caveat here. The 13F filings data is based on trades that have already taken place in the past and may not reoccur. So, readers and investors should, at best, use this data to test if their trade direction and investment thesis conform with the trading activity of Palantir's institutional investors.</p><p><blockquote>我想在这里补充一个警告。13F备案数据基于过去已经发生且可能不会再次发生的交易。因此，读者和投资者充其量应该使用这些数据来测试他们的交易方向和投资论点是否符合Palantir机构投资者的交易活动。</blockquote></p><p> Having said that, if these firms felt that the bearish narratives surrounding Palantir had any merit, they wouldn't have been so active with the buy orders and they might have trimmed their positions. But that did not happen.</p><p><blockquote>话虽如此，如果这些公司认为围绕Palantir的看跌言论有任何价值，他们就不会如此积极地发出买入订单，并且可能会削减头寸。但这并没有发生。</blockquote></p><p> Instead, a broad swath of institutional investors accumulated the data analytics firm's shares in large quantities. This suggests that these investors are forecasting a significant upside in Palantir's shares and are discounting the bearish narratives floating around in investing forums. This should come across as an encouraging sign for the company's long-side shareholders.</p><p><blockquote>相反，大量机构投资者大量积累了这家数据分析公司的股票。这表明这些投资者预测Palantir的股价将大幅上涨，并对投资论坛上流传的看跌言论不屑一顾。对于公司的多头股东来说，这应该是一个令人鼓舞的迹象。</blockquote></p><p> As far as I'm concerned, I believe Palantir is modestly valued given its elevated growth rates and also feel that its continued customer base expansion will drive its financial growth going forward. So, overall, I'm bullish on the company and believe that its shares will rise further in the coming weeks and months. Good Luck!</p><p><blockquote>就我而言，鉴于Palantir的高增长率，我认为Palantir的估值适中，并且认为其客户群的持续扩张将推动其未来的财务增长。因此，总体而言，我看好该公司，并相信其股价将在未来几周和几个月内进一步上涨。祝你好运！</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4450603-palantir-big-bets-are-being-placed\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4450603-palantir-big-bets-are-being-placed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110343789","content_text":"Summary\n\nInstitutional investors collectively bought about 11.7% of the company's total share count in the last 13F cycle.\nPalantir's growth momentum can accelerate in the coming quarters thanks to its rapid customer additions.\nReaders and investors may want to remain long on the name.\n\nMichael Vi/iStock Editorial via Getty Images\nInvesting forums are lately rife with debates around Palantir's (PLTR) growth prospects. While some believe its lofty stock-based compensation expenses make it a poor investment, others feel its rapid revenue growth makes it a once in a lifetime opportunity. Amidst this tug of war between the bulls and the bears, institutional investors have quietly picked sides already. Latest data reveals that this class of investors once again actively bought shares of the data analytics company in the latest 13F filing cycle. Let's take a closer look at their trading activity and try to understand why they're so bullish on Palantir.\nThe Active Buying\nI'd like to start by saying that institutional investors don't have a crystal bowl and they don't always get it right. However, this class of sophisticated investors does have access to certain resources - such as access to company management, supply chain connections, analysts to conduct scuttlebutt research - that give them an edge over retail investors. These institutions are mandated by the SEC to disclose their trades in 13F filings. So, following their trading activity can sometimes provide us with leading insights about where a company and its shares might head next.\nAs far as Palantir is concerned, the Nasdaq site states that institutional investors collectively bought roughly around 217 million of its shares, on a net basis, in the last 13F filing cycle. The company has around 1.86 billion shares outstanding which means that these investors collectively bought a gigantic 11.7% chunk of Palantir's entire share total in the last cycle alone.\n(Source: Nasdaq)\nIt's also worth noting that the buying activity wasn't concentrated across just a few institutions. In fact, the number of institutions that increased their holdings in Palantir outnumbered those that reduced their positions in the name by a factor of 2.4. This goes to indicate that a broad swath of institutions has grown extremely bullish on Palantir. For the record, the latest 13F filing cycle spanned from April through June, and the data was released this week.\nNext, I wanted to check if Palantir's largest institutional investors traded any differently. After all, if its largest investors were selling, while other institutions were buying, then that discrepancy would require a further examination in itself. So, I compiled the trading activity of Palantir's 50 largest institutional investors that filed their 13F documents between April and June. The results were rather interesting.\n(Source: BusinessQuant.com, data from Nasdaq)\nAs it turns out, only 11 of the 50 institutional investors reduced positions in Palantir while the remaining 39 either maintained or increased their exposure to the company. Some firms had initiated new positions while others increased their holdings by several thousand percent. In order to maintain the scalability and readability of the chart, I marked these entries as 100% on the chart above.\nBut having said that, the results confirm that the recent buying into Palantir wasn't limited to a substratum of its institutional investors, but was instead widespread across institutions of varying sizes. We're now presented with the next question - why are institutional investors so bullish on Palantir in the first place?\nBullish for Good Reason\nFor starters, Palantir has lately been growing its revenues across both its reporting segments. Its government and commercial revenues, for instance, have increased by 66% and 27.3%, respectively, over the last one year alone. These elevated growth rates across both its segments highlight excellent execution on the management's part, and I believe it's a commendable feat. There's no telling as to when the company's growth momentum will slow down, at least not for the time being, which makes it a good growth stock.\n(Source: BusinessQuant.com)\nSecondly, I've explained this in my prior articles at length, that Palantir is undertaking a slew of measures - such as increasing its sales force, rolling out free versions of their platform for major enterprises, switching to a customer-friendly payment model - to expand its customer base. All these efforts seem to be finally bearing fruit. Palantir reported in its latest 10-Q filing that its customer count has risen to 169, up from 125 in Q2 last year.\n(Source: BusinessQuant.com)\nThis is important because as these new customers get familiarized with Palantir's platforms and integrate its offerings into their workflows, they're likely to ramp up their spending over the subsequent quarters. Enterprises usually follow a wait-and-watch approach to see if a particular thing is working out for their personnel before going full throttle on their spending. So, in essence, these new customer additions are likely to drive Palantir's revenue growth in the next several quarters. I believe this is another good reason why growth-seeking investors should consider Palantir.\nLastly, Palantir may seem overvalued when just looking at its valuation multiples on a standalone basis, but that doesn't necessarily make it a bad investment. To put things in perspective, let's look at the scatter chart below. I plotted the price-to-sales (or PS) multiples on the Y-axis and the revenue growth rates on the X-axis. Next, I selected the software infrastructure industry to plot 105 of the constituting US stocks.\n(Source: BusinessQuant.com)\nSurely, per the Y-axis, Palantir is trading at a higher PS multiple compared to its peers. However, it's also evident from the X-axis that Palantir is growing faster than most of the other stocks in its peer group. There are a few companies that are growing faster than Palantir, but they're trading at even higher multiples. So, in essence, investors are paying a premium to own the rapidly-growing quality stock, that is Palantir.\nFinal Thoughts\nI'd like to add a caveat here. The 13F filings data is based on trades that have already taken place in the past and may not reoccur. So, readers and investors should, at best, use this data to test if their trade direction and investment thesis conform with the trading activity of Palantir's institutional investors.\nHaving said that, if these firms felt that the bearish narratives surrounding Palantir had any merit, they wouldn't have been so active with the buy orders and they might have trimmed their positions. But that did not happen.\nInstead, a broad swath of institutional investors accumulated the data analytics firm's shares in large quantities. This suggests that these investors are forecasting a significant upside in Palantir's shares and are discounting the bearish narratives floating around in investing forums. This should come across as an encouraging sign for the company's long-side shareholders.\nAs far as I'm concerned, I believe Palantir is modestly valued given its elevated growth rates and also feel that its continued customer base expansion will drive its financial growth going forward. So, overall, I'm bullish on the company and believe that its shares will rise further in the coming weeks and months. Good Luck!","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":366,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/836930016"}
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