Billionaire sells Palantir and instead piles into the energy firm's stock

On Wall Street, there is always a surplus of data for investors to analyse. The period known as "earnings season" brings annual reports on the financial performance of most S&P 500 companies, along with a host of economic statistics. In the flood of this information, however, it can be easy to miss a key event, as was the case on August 14, when large institutional investors released their quarterly Forms 13F to the U.S. Securities and Exchange Commission (SEC).

One of the most interesting summaries belonged to Philippe Laffont, who runs hedge fund Coatue Management. This fund, with around $25.7 billion in assets under management, focuses primarily on technology stocks. What surprised investors, however, was his dramatic move to sell his entire position in one of the hottest technology companies today - Palantir Technologies.

Why did Laffont sell Palantir to $PLTR?

Coatue Management sold over 4.8 million shares of Palantir in the second quarter, one of the largest divestitures of the…