Cathie Wood’s ARK Invest Buys Over 2.6 Million Palantir Shares
A couple of Cathie Wood's Ark Invest funds bought over 2.6 million shares of Palantir on March 3.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
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 | PLTR Price Prediction) 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.
[nativounit]
[wallst_email_signup]
Contact [email protected] for any questions or corrections.
Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
