Cathie Wood Dumps $56M In Palantir Shares After Dismal Earnings

Cathie Wood-led Ark Investment Management on Thursday significantly lowered its exposure to Palantir Technologies Inc PLTR on the day shares of the Peter Thiel-backed company plummeted after it reported worse-than-expected quarterly earnings.

The popular investment management firm sold 4.77 million shares — estimated to be worth $56.2 million based on Thursday’s closing — in the big data company. 

Palantir stock closed 15.7% lower at $11.7 a share on Thursday. The stock is down 36.5% year-to-date.

Palantir reported fourth-quarter earnings of 2 cents per share before the market opened on Thursday, missing the analyst consensus estimate of 4 cents.

The software company, known for its work with government agencies, reported quarterly sales of $432.87 million, which beat the analyst consensus estimate of $417.69 million.

See Also: Why Palantir Technologies Shares Are Falling

Ark Invest held 30.48 million shares in Palantir, prior to Thursday’s trade, implying it trimmed nearly 16% of the total stake.

The St. Petersburg, Florida-based investment management firm owns shares in Palantir via all of its active exchange-traded funds, including the flagship Ark Innovation ETF ARKK. 

Ark Invest had been piling up shares in Palantir for months until recently.