A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made huge purchases on Wednesday. Accordingly these funds bought over 2.6 million shares of Palantir Technologies Inc. (NASDAQ: PLTR) shares on Wednesday, as the price of these ETFs lost over 5% on Wednesday. Note that these ETFs are still up well over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 1.9885 million shares of Palantir, while ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 670,300 shares. At Wednesday’s closing price this would have valued this purchase at roughly $63 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 140% in the last year, and ARKW Is up 149%.
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.