Cathie Wood-Led Ark Invest Dumps $7M Worth Of Palantir Stock Amid Searing Rally

On Tuesday, Cathie Wood-led Ark Invest made notable trades, including the sale of shares in Palantir Technologies Inc PLTR. This move came as Palantir’s stock surged following its impressive fourth-quarter results and optimistic future guidance. The company reported a 36% increase in total revenue year-over-year, with significant growth in U.S. commercial and government sectors.

The PLTR Trade

Ark Invest, through its ARK Innovation ETF ARKK, sold 71,069 shares of Palantir. The sale occurred on a day when Palantir’s stock closed at $103.83, marking a substantial increase of 23.99% from the previous day. This trade was valued at approximately $7.38 million. The decision to sell comes amid heightened competition in the AI industry.

Palantir’s recent financial performance has been strong, with U.S. commercial revenue rising by 64% year-over-year to $214 million and U.S. government revenue increasing by 45% to $343 million. This growth has led to several analysts raising their price targets for the company.

Other Key Trades:

• Accolade Inc (ACCD): Sold 198,395 shares by ARKG.
• Illumina Inc (ILMN): Bought 54,082 shares by ARKK and 9,325 shares by ARKG.
• 10X Genomics Inc (TXG): Bought 101,912 shares by ARKK and 17,587 shares by ARKG.
• Twist Bioscience Corp (TWST): Bought 18,460 shares by ARKK and 3,188 shares by ARKG.

Image via Shutterstock

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal