One of the ARK Invest exchange-traded funds run by ETF star Cathie Wood made a huge purchase on Wednesday. Specifically, this fund bought over 2 million shares of Palantir Technologies Inc. (NASDAQ: PLTR), as the price of this fund lost about 4% on the day. Note that this fund is up a fair amount in the past year.
ARK Innovation ETF (NYSEARCA: ARKK) purchased 2,067,489 shares of Palantir. At Wednesday’s closing price, this would have valued this purchase at roughly $39.1 million. Even though this is a small fraction of the total holdings, every little bit counts. The fund is up 78% in the past year.
Check out all of ARK Invest’s buys for Wednesday 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.