Palantir Dip After Q2 Print Doesn't Deter Cathie Wood As Ark Invest Buys $14M In Shares

On Tuesday, Aug. 8, 2023, Cathie Wood-led Ark Invest made headlines by purchasing nearly $14 million worth of shares in Palantir Technologies Inc PLTR.

This significant acquisition comes in the wake of Palantir’s recent second-quarter earnings report, which aligned with estimates and included an announcement of a $1 billion buyback.

The Palantir Trade: Wood-led Ark purchased 818373 Palantir shares through ARK Innovation ETF ARKK, ARK Next Generation Internet ETF ARKW, and Ark Fintech Innovation ETF ARKF respectively. At Tuesday’s closing price of $17.04, the transaction works out at $13.9 million.

Palantir’s Q2 earnings showcased a 13% year-over-year increase in revenue, amounting to $533.32 million. This was consistent with consensus estimates.

The AI-driven data software company also reported its third consecutive quarter of GAAP profitability. Following these results, several analysts updated their ratings and price targets for Palantir.

Notably, Wedbush analyst Daniel Ives maintained an Outperform rating with a $25 price target. This purchase by Ark Invest is not isolated, as earlier in May, Cathie Wood had doubled down on Palantir, buying another stake worth $13 million.

See Also: Cathie Wood Buys Shares Of Pacific Biosciences, Reduces Exposure To DraftKings And Genius Sports

Other Key Trades:

• Ark Invest bought 253,233 shares of Pacific Biosciences Of California PACB through the innovation fund and 65,137 shares through the ARK Genomic Revolution ETF ARKG.
• The Innovation ETF sold 305,286 shares of DraftKings Inc DKNG while the Next Generation Internet ETF and Fintech Innovation ETF sold 27,015 and 17,326 shares respectively.
• Ark Invest sold 194,019 shares of Roku Inc ROKU through multiple ETFs with the bulk of the transaction made through the Innovation ETF.

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