Cathie Wood’s ARK Invest Buys Over 1.2 Million Shares of Palantir
One of Cathie Wood's Ark Invest funds bought over 1.2 million shares of Palantir on March 24.
One ARK exchange-traded fund run by ETF star Cathie Wood bought over 1.2 million shares of Palantir Technologies Inc. (NYSE: PLTR | PLTR Price Prediction) 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.
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Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics. Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications. A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.
