Investing

Cathie Wood's ARK Invest Buys Over 2.8 Million Shares of Palantir

A couple of the ARK Invest exchange-traded funds run by ETF star Cathie Wood made huge purchases on Tuesday. Specifically, these funds bought over 2.8 million shares of Palantir Technologies Inc. (NASDAQ: PLTR) shares on Tuesday, as the price of these funds gained about 2% on the day. Note that these ETFs are up a fair amount in the past year.

ARK Innovation ETF (NYSEARCA: ARKK) purchased 2,139,511 shares of Palantir, while ARK Next Generation Internet ETF (NYSEARCA: ARKW) bought 667,300 shares. At Tuesday’s closing price, this would have valued these purchases at roughly $56.7 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKK is up 81% in the past year, and ARKW is up 88%.

Check out all of ARK Invest’s buys for Tuesday as well.

Recently, 24/7 Wall St. 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 … 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.