Ark Invest, led by Kathy Wood , took a major step Thursday, increasing its stake in Palantir Technologies Inc (NYSE:PLTR) by $10.08 million, despite the stock's recent turmoil. This followed Morgan Stanley's downgrade and the recent sale of stock options by Alexander Karp , CEO of Palantir.
Palantir Trading: Ark bought shares through the ARK Innovation ETF (NYSE:ARKK) , the ARK Next Generation Internet ETF (NYSE:ARKW) and the Ark Fintech Innovation ETF (NYSE:ARKF) . Overall, the deal was valued at almost $10.08 billion, based on Palantir's Monday closing price of $14.98.
Palantir shares fell after Morgan Stanley analyst Keith Weiss lowered his price target on the stock but raised his price target.
In addition, more than 58.3 million shares were traded in a single session, and in late August, Palantir's CEO sold nearly $11 million in stock options.
Despite these problems, Ark Invest's decision to buy additional shares shows strong confidence in the company's future. In early August, Ark also bought roughly $14 million in Palantir stock after the company released its second-quarter earnings report, which showed revenue up 13% year-over-year, as well as GAAP profitability in the third quarter. in a row.
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Get it with Shopify. On the other hand, Ark Invest decided to sell shares of Shopify Inc (NYSE:SHOP). The investment management firm, led by Wood, sold $10.65 million of Shopify stock through ARKK, ARKW and ARKF. The estimate is based on Shopify's closing price of $66.49 on Monday.
The move coincides with Amazon's launch of a new "Buy with Prime" app for Shopify merchants, which has resulted in a surge in Shopify's stock price.
Despite this positive development, Ark Invest's recent trading behavior has shown a selling trend in Shopify shares, with shares trading at $9.2 million on August 21, 2023. This indicates a strategic shift in Ark Invest's investment approach.Ark trading electronic platform.
Other important professions:
- Ark Invest has made a large purchase of shares in ACCOLADE INC , increasing its stake by 43,619 to ARKG.
- INTELLIA THERAPEUTICS INC (NASDAQ:NTLA) also saw Ark Invest buy 6,699 shares through ARKG.
- Small selling was observed in CODEXIS INC and PHENOMEX INC , with 92 and 3037 shares sold respectively through ARKG.
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