Cathie Wood Augments Palantir Stake By Whopping $16.5M, Unperturbed By Analyst Downgrading Stock To Sell

Benzinga01-07

ZINGER KEY POINTSPalantir shares could have roughly 20% downside potential, according to a Jefferies analyst's updated price target.Cathie Wood's Ark Invest, which invests in companies with disruptive...

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At the price, Ark’s total purchases of 1,031,607 Palantir shares are valued at $16.49 million.Friday, Jefferies analyst Brent Thill downgraded Palantir shares from “Neutral” to “Underperform,” and the analyst also reduced the price target from $18 to $13, suggesting roughly 19% downside from current levels.The analyst predicated the action on his view that the stock has rallied to unsustainable levels while riding on the AI fervor, even as it lacks a credible monetization strategy and has experienced a slow demand recovery in its commercial and government businesses in 2024.Coinbase Liquidation Continues: Ark continued its Coinbase Global, Inc. selling spreeas it sold another chunk of shares of the cryptocurrency exchange Friday.ARKK, ARKW and ARKF, together, liquidated 133,823 shares of Coinbase valued at $20.61 million (based on the stock’s closing price of $153.98). The Wood-led firm’s Coinbase selling spree is attributed mainly to profit taking as it had accumulated the stock for most of 2022 and in early 2023.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":12,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1159708569"}