Palantir rises on Ark’s latest investment stock purchase


Palantir Technologies (PLTR) – Get Class A report from Palantir Technologies Inc. Shares were rocked after fund manager Cathie Wood said her exchange-traded funds bought a total of 2.65 million shares of the data analytics firm.

Shares of the Denver company at last check rose 1.1% to $23.85. They traded up 8.4% at $25.56 on Thursday. And they have fallen from a high of $45 set in late January. Palantir went public at the end of September.

Wood’s purchases included around 2 million shares for its flagship ETF, ARK Innovation (ARKK) – Get the ARK Innovation ETF Reportand around 650,000 in its ARK Next Generation (ARKW) – Get the ARK Next Generation Internet ETF Report Internet ETFs.

Based on Palantir’s Wednesday closing price, Wood’s purchases were valued at approximately $62.5 million.

Woods revealed last month that his exchange-traded funds had purchased more than 6 million shares of the company.

At this time, Ark Innovation acquired 5.2 million shares while Ark Next Generation Internet purchased an additional 1.56 million shares.

The funds bought a total of 6.8 million shares valued at around $172 million, buying decline after decline in the company’s shares.

Palantir has also been a favorite stock of the infamous Reddit retail investor crowd.

“I invested $300,000 in the PLTR! Strong fundamentals plus the push from Reddit. I’m all for the PLTR,” a Reddit poster said on Wednesday.

“They’ve been around forever and still not profitable,” said another. “The bull market is over. The PLTR will now be fairly priced at around $14. Minus the random pumps and dumps by the manipulators.”

Recent Securities and Exchange Commission filings showed top executives sold more than 2.2 million shares of the data analytics firm as of Feb. 18.

TheStreet.com founder Jim Cramer recently said Wood’s investment decisions seemed “arbitrary and capricious.”

“When you watch what she does, it’s fun,” Cramer said. “But it’s not investing…it’s sightseeing.”

In February, Palantir reported a bigger-than-expected fourth-quarter loss. Sales exceeded forecasts amid a slew of government and private contracts.

Revenue was $322 million, up 40% from $229.3 million a year earlier and ahead of analyst forecasts of $300 million.

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