World News – CA – Palantir Closes First Trade After NYSE Debut


Palantir stock opened at $ 10 on Wednesday when the company debuted on the New York Stock Exchange and closed the trading session at $ 9.50

Palantir, which develops data analysis software for government agencies and large corporations, has maintained a direct listing of its shares, giving existing shareholders the ability to sell up to 20% of their stake in new investors Cloud software developer Asana also went public via a direct listing on Wednesday

The initial price gives Palantir a market cap of $ 16.5 billion, based on 165 billion shares outstanding, which excludes various restricted stock units (RSUs), options and unvested shares. Fully diluted number of shares is 217 billion, therefore Palantir’s market value will increase significantly as options, RSUs and unvested units are converted into common stock

Shares of Palantir, founded in 2003, have been widely traded in the private market for years, although the company has struggled to maintain the $ 20.4 billion valuation from a 2015 round of financing The stock at this at that time was valued at $ 1138 and traded that year for between $ 417 and $ 11.50

The NYSE on Tuesday gave a benchmark price of $ 7.25 per share, but no shares changed hands at that level It traded as high as $ 11.42 on Wednesday before dropping below its stock price. ‘opening Some current and former employees complained at the start of the trading session that they could not access the system to sell their shares

Palantir has sparked controversy for its willingness to do business with agencies like US Immigration and Customs Enforcement and for a governance structure that gives co-founders Peter Thiel, CEO Alex Karp and Stephen Cohen a third class of stock with inordinate control The company is a creation of Silicon Valley, but has attempted to distance itself from the region by moving its headquarters to Colorado and denouncing the tech « engineering elite » in its prospectus. p>

« Software projects with our country’s defense and intelligence agencies, whose mission is to protect us, have become controversial, while businesses based on ad dollars are commonplace, » Karp wrote in the fileÂ

Karp’s letter was a less than subtle jab on Facebook, where Thiel made a large chunk of his fortune and still sits on the board of directors Across his various investment entities, Thiel is Palantir’s largest shareholder

Palantir said in an updated file last week that it expects record growth this year of 42%, to close 2020 with $ 1.06 billion in revenue Adjusted operating profit will stand at 121 million dollars, excluding stock-based compensation and other costs, for a margin of 115%

Revenue growth accelerates from 2019, when the company reported a 25% increase to $ 742.6 million For 2021, Palantir said it expects revenue growth to exceed $ 30 %

The company allows existing shareholders to sell up to a fifth of their holdings now while keeping the rest until the lock-in period expires after reporting results for the year ending in December 31 Palantir said 4,758 million shares will be available for sale on day one of trading

The challenge for Palantir is to convince investors that it is more of a high growth tech company than a low margin consulting services company The company has only 125 clients and spends on average $ 5 6 million in 2019

Palantir has invested in creating a product that’s easier to sell and deploy.It wants investors to focus on what the company calls its contribution margin, or the revenue left over after subtracting costs than she supports to generate sales This number rose to 55% in the second quarter from 18% a year earlier

Palantir has been named one of CNBC’s 50 Disruptor companies seven times 34 in 2019

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World News – CA – Palantir Closes Below First Trade After Its NYSE Debut



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