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.
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