Investing

Cathie Wood’s ARK Invest Buys Over 1.2 Million Shares of Palantir

One ARK exchange-traded fund run by ETF star Cathie Wood bought over 1.2 million shares of Palantir Technologies Inc. (NYSE: PLTR) shares on Wednesday, as the prices of this ETF lost nearly 6% in Wednesday’s session. The ETF is up well over 100% in the last year.

ARK Innovation ETF (NYSEARCA: ARKK) bought 1,209,900 shares of Palantir. At Wednesday’s closing price this would have valued this purchase at roughly $26.5 million. This is only a small fraction of the total holdings. ARKK is up 177% over the past 52 weeks.

24/7 Wall St. recently reported on Palantir:

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.

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.