One ARK exchange-traded fund run by ETF star Cathie Wood bought over 1.1 million shares of Palantir Technologies Inc. (NYSE: PLTR) shares on Tuesday, as the prices of this ETF traded down over 1% in Tuesday’s session. The ETF is up well over 100% in the last year.
ARK Innovation ETF (NYSEARCA: ARKK) bought 1,146,771 shares of Palantir. At Tuesday’s closing price this would have valued this purchase at roughly $25 million. This is only a small fraction of the total holdings. ARKK is up 129% over the past 52 weeks.
24/7 Wall St. recently reported on Palantir:
This company came public as a direct listing and struggled out of the gate, but the stock seems to be taking off now. Palantir Technologies Inc. (NASDAQ: PLTR) builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations.
The company offers Palantir Gotham, a software platform for government operatives in the defense and intelligence sectors, which enables users to identify patterns hidden deep within datasets, ranging from signals to intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.
The company also provides Palantir Foundry, a platform that transforms the ways organizations operate by creating a central operating system for their data, and it allows individual users to integrate and analyze the data they need in one place.
Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.
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