TECH - Cathie Wood Joins Palantir Party As Ark Hoards $43M Palantir Stock Following 30% Post-Earnings Spike | Benzinga
Palantir Technologies, Inc. (NASDAQ:PLTR) shares rallied over 30% Tuesday after the company’s fourth-quarter results and AI opportunity resulted in analysts rerating their estimates and price targets. Cathie Wood’s Ark Invest bulked up on the shares on their way up, potentially reflecting the faith in the Alex Karp-led company’s disruptive potential.
What Happened: Ark, through its Ark Innovation ETF (NYSE:ARKK), Ark Next Generation Internet ETF (NYSE:ARKW) and Ark Fintech Innovation ETF (NYSE:ARKF), amassed 1,967,732 Palantir shares. At Tuesday’s closing price of $21.87, the firm added Palantir shares worth $43.03 million.
Palantir now accounts for 1.84% of Ark’s flagship ARKK exchange-traded fund. The stock is in the 21st position in terms of weighting in the ETF, with the value of holding roughly around $137 ...