Renaissance Technologies, the top performing hedge fund of all time, has delivered annualized returns over the past 20 years that exceed 30%, making it a go-to source for top stock picks for 2024. 

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The fund’s strategic maneuvers are closely watched by investors seeking the best stocks to enhance their portfolios.

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Demonstrating increased confidence in Palantir Technologies Inc (PLTR), Renaissance Technologies boosted its holdings by 3.7 million shares, a 9% increase. The fund's total shares rose from 43,591,426 in Q4 2023 to 47,355,217 in Q1 2024. 

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This increase in share count was accompanied by a significant rise in the value of the holdings, which surged by 46% from $748 million to over $1 billion.

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The dramatic increase in value reflects a strong performance in Palantir's stock and the hedge fund's strategic decision to enhance its investment in the company.

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What were Palantir's Last Earnings in the Earnings Report?

Palantir Technologies Inc. reported its first-quarter financial results for 2024, showcasing substantial growth and continued profitability. Here are the key highlights from their Q1 2024 earnings report:

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Revenue: Palantir's revenue for Q1 2024 reached $634 million, a 21% increase year-over-year, surpassing the consensus estimate of $625.43 million. This growth was driven by strong performance in both commercial and government segments.

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Net Income and EPS: The company reported adjusted earnings per share (EPS) of $0.08, which met analyst expectations. On a GAAP basis, EPS was $0.04, slightly beating the estimates by $0.01.

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