Cathie Wood Doubles Down On Palantir, Buys Another $13M Stake In Peter Thiel's Big Data Analytics Firm

Cathie Wood-led ARK Investment Management bought over 1.26 million shares of Palantir Technologies Inc PLTR at an estimated valuation of about $13 million based on Wednesday's closing price.

The purchase was done via the flagship ARK Innovation ETF ARKK, the ARK Next Generation Internet ETF ARKW and the Ark Fintech Innovation ETF ARKF.

ARK's stake purchase comes on a day when the shares closed over 8% higher. Palantir stock has witnessed strong gains over the past month, registering over 17% returns. The shares have gained over 60% since the beginning of the year, according to Benzinga Pro.

Also Read: How To Buy ARK Innovation (ARKK) ETF

Wood's funds seem to be on a buying spree as far as the Peter Thiel-co-founded Palantir is concerned, especially after the firm's strong earnings announcement. Last week, ARK bought a whopping stake worth $43 million in the company.

Palantir’s first-quarter revenue increased 18% year-over-year to $525 million, which beat an average analyst estimate of $505.6 million. The company sees full-year revenue in a range of $2.185 billion to $2.235 billion against an estimate of $2.2 billion.

What probably stood out is CEO Alex Karp's statement in his letter to shareholders where he said the company anticipates it will remain profitable each quarter through the end of the year. "In addition, for the first time in our history, we earned an operating profit last quarter. We generated $525 million in revenue in the first quarter, a result that surpassed our initial guidance and yet still understates the magnitude of the opportunity in front of us,” he had said.

Major Sale: Wood's funds sold Shopify Inc SHOP shares at an estimated valuation of over $5.4 million based on Wednesday's closing price.

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