SHOP - Cathie Wood's Ark Invest Increases Palantir Exposure By $10.08M Amid Market Volatility Offloads Shopify Stock | Benzinga
On Thursday, Cathie Wood-led Ark Invest made a significant move by increasing its stake in Palantir Technologies Inc (NYSE:PLTR) by $10.08M, despite recent turbulence in the stock’s performance. This comes on the heels of a downgrade from Morgan Stanley and a recent sale of stock options by Palantir’s CEO, Alexander Karp.
The Palantir Trade: Ark purchased the shares through ARK Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW), and Ark Fintech Innovation ETF (NYSE:ARKF). In total, the transaction was valued at almost $10.08 billion, based on Palantir’s Monday closing price of $14.98.
Palantir shares had been trading lower after Morgan Stanley’s analyst Keith Weiss downgraded the stock but raised its price target.
This was compounded by the fact that over 58.3 million shares were traded in a single session, and Palantir’s CEO sold nearly $11 million worth of stock options in late August.
Despite these challenges, Ark Invest’s decision to buy more shares indicates a strong belief in the company’s future. Earlier in August, Ark had also ...