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.
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
