Cathie Wood Sells $41 Million Worth Of Palantir Shares Following Post-Earnings Plunge

On Tuesday, Cathie Wood‘s Ark Invest made significant trades, notably selling shares of Palantir Technologies Inc. PLTR. This move comes after Palantir’s stock faced pressure despite surpassing first-quarter earnings expectations.

The Palantir Trade saw Ark Invest’s ARK Innovation ETF ARKK sell 376,874 shares of the AI-focused company. The trade was valued at $41.03 million. On Tuesday, Palantir shares closed 12.05% lower at $108.86.

This decision followed Palantir’s recent earnings report, which, despite exceeding analyst predictions, led to a stock decline. The stock’s drop is attributed to high investor expectations. Palantir’s shares have surged 332% over the past year and 45% year-to-date, yet the post-earnings dip highlights market volatility.

Analysts remain divided on Palantir’s future. Some view it as a key player in the AI sector, predicting a potential $1 trillion market cap within three years. However, others, like Jefferies’ Brent Thill, express skepticism about institutional interest, emphasizing its retail-driven nature.

Palantir remains Ark’s second-largest holding, accounting for approximately 8.14% of the firm’s portfolio by weight, with a total value of $421.65 million.

Other Key Trades:

• Personalis Inc. — Ark Invest’s ARKG ETF acquired 318,741 shares.
• Guardant Health Inc. — 237,374 shares were purchased by ARKK.
• Twist Bioscience Corp. — ARKK bought 283,186 shares.
• Natera Inc. — 55,623 shares were added to ARKK.
• GitLab Inc. — 30,107 shares were acquired by ARKK.

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Photo Courtesy: Ira Lichi On Shutterstock.com

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal