Cathie Wood Dumps Buzzing Stocks Tesla And Palantir

Benzinga12-20 13:27

On Thursday, Cathie Wood-led Ark Invest made some significant trades, notably selling off Tesla Inc. and Palantir Technologies Inc. stock.

The Tesla Trade

The ARK Innovation ETF (ARKK) reduced its holdings in Tesla Inc. by selling 14,016 shares. This move comes amidst a month where Tesla’s stock has been on a remarkable upswing, reaching new highs. The Elon Musk-led company’s stock has risen over 26% in December.

The shares were sold at a closing price of $436.17, totaling approximately $6.1 million in value. This decision follows a previous sale of Tesla shares by Ark Invest on Wednesday when the firm sold another $9.06 million worth of stock. These sales took place not long after Musk expressed optimism that the stock could touch the $690 mark.

The Palantir Trade

On the same day, Ark Invest sold Palantir stock. The firm sold 33,402 shares of the Alex Karp-led company through ARKK. The transaction was valued at $2.5 million with shares closing at $74.21 on Thursday.

This decision comes on the heels of Palantir’s recent announcement of a $400.7 million contract extension with the U.S. Army, with a total potential ceiling of $618.9 million. The agreement aims to operationalize data across the entire Department of the Army, enabling broader integration of data and AI capabilities. Despite the company’s stock climbing 350% year-to-date and nearly 18% in December, company insiders have been selling off shares.

Other Key Trades:

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Comments

  • Merdeka1981
    12-21 06:36
    Merdeka1981
    She's going to regret selling Palantir so early...
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