What's Going On With Palantir Stock Today?

Shares of Palantir Technologies Inc PLTR are trading about 1.9% lower in early pre-market on Friday, in a trend-reversal after Peter Thiel co-founded-company’s stock soared on Thursday.

What Happened: Shares in the data analytics company are retreating as investors seemed to book profit after Thursday's surge. 

A Palantir trade made by Cathie Wood's Ark Invest is also being heavily discussed across social media.

Ark, which has been piling up shares in Palantir, on Thursday trimmed some of its exposure in the company — a first sell in the stock since early July.

Wood’s firm sold nearly 1.84 million shares — estimated to be worth $52.86 million— in Palantir on Thursday.

Ark Invest owns Palantir via all of its six active exchange-traded funds the Ark Innovation ETF ARKK and the Ark Next Generation Internet ETF ARKW to buy the shares.

Such adjustments in the portfolio aren't uncommon for Ark Invest, and earlier this month, Wood's firm trimmed its stake in Tesla Inc. TSLA in multiple trades across ETFs.

The New York-based investment firm still owns substantial exposure in Palantir. As of Thursday’s trade, Ark Invest owned 34.7 million shares — worth $995.6 million — in Palantir.

Palantir shares have been surging in recent sessions amid market-wide momentum and high interest from retail investors, particularly those on the WallStreetBets Reddit forum.

Price Action: PLTR shares closed 4.89% higher at $28.77 on Thursday and were down about 2% in early pre-market trading on Friday.

See Also: Palantir Stock Soars On This Continued Trend: What The Chart Says