Hedge fund ownership of Palantir Technologies rose in the first quarter even as funds trimmed positions in rival Snowflake. The number of hedge funds holding Palantir increased from 89 to 96, while those holding Snowflake fell from 90 to 80. Short interest also diverged, with only about 3.64% of Palantir's float sold short versus 6.65% for Snowflake. Palantir trades at roughly 41 times forward sales and recently raised full-year revenue guidance to between $7.65 billion and $7.66 billion after first-quarter revenue jumped 85% to $1.63 billion. Snowflake, which remains unprofitable on a GAAP basis, trades at a forward price-to-sales multiple in the 9 to 14 times range.
Palantir Technologies Inc.Hedge fund ownership increased from 89 to 96 funds, short interest low at 3.64%, and raised full-year revenue guidance.
Snowflake Inc.Hedge fund ownership fell from 90 to 80 funds, short interest higher at 6.65%, and remains unprofitable on a GAAP basis.