On Tuesday, Cathie Wood‘s Ark Invest made significant trades, notably selling shares of Palantir Technologies Inc.. This move comes after Palantir’s stock faced pressure despite surpassingfirst-quarter earningsexpectations.
The Palantir Trade saw Ark Invest’s ARK Innovation ETF sell 376,874 shares of the AI-focused company. The trade was valued at $41.03 million. On Tuesday, Palantir shares closed 12.05% lower at $108.86.
This decision followed Palantir’s recent earnings report, which, despite exceeding analyst predictions, led to a stock decline. The stock’s drop is attributed to high investor expectations. Palantir’s shares have surged 332% over the past year and 45% year-to-date, yet the post-earnings dip highlights market volatility.
Analysts remain divided on Palantir’s future. Some view it as a key player in the AI sector, predicting a potential $1 trillion market cap within three years. However, others, like Jefferies’ Brent Thill, express skepticism about institutional interest, emphasizing its retail-driven nature.
Palantir remains Ark’s second-largest holding, accounting for approximately 8.14% of the firm’s portfolio by weight, with a total value of $421.65 million.
Other Key Trades:
Personalis Inc. — Ark Invest’s ARKG ETF acquired 318,741 shares.
Guardant Health Inc. — 237,374 shares were purchased by ARKK.
Twist Bioscience Corp. — ARKK bought 283,186 shares.
Natera Inc. — 55,623 shares were added to ARKK.
GitLab Inc. — 30,107 shares were acquired by ARKK.
