Investing

Cathie Wood's Ark Invest Buys Over 3 Million Palantir Shares

Two of Cathie Woods Ark ETFs bought over 3 million shares of Palantir Technologies Inc. (NYSE: PLTR). It has been battered by poor earnings and the tech sell-off. However, it has been a long-term holding of Ark Invest ETFs, and Wood has spoken well of management.

ARK Innovation ETF (NYSEARCA: ARKK) bought 2,497,800 shares of Palantir. ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 867,600.

Palantir shares have traded flat this year after a large run-up.

Recently, 24/7 Wall St. reported:

Palantir Technologies Inc. (NYSE: PLTR) was upgraded to Buy from Neutral at Goldman Sachs, which also raised its price target to $34 on Wednesday. The firm appears to be bucking the trend here, as other analysts have been less enthusiastic lately. The software company posted strong results, but with a weak revenue forecast, and shares pulled back as the lockup period expired.

The consensus price target of $25.83 suggests that the analysts see no upside, even after shares retreated around 9% in the past week. Shares have traded as high as $45.00 and as low as $8.90 since coming public via a direct listing last year.