Cathie Wood Dumps $56M In Palantir Shares After Dismal Earnings

Benzinga2022-02-18

Cathie Wood-led Ark Investment Management on Thursday significantly lowered its exposure to Palantir Technologies Inc on the day shares of the PeterThiel-backed company plummeted after it reported worse-than-expected quarterly earnings.

The popular investment management firm sold 4.77 million shares — estimated to be worth $56.2 million based on Thursday’s closing — in the big data company.

Palantir stock closed 15.7% lower at $11.7 a share on Thursday. The stock is down 36.5% year-to-date.

Palantir reported fourth-quarter earnings of 2 cents per share before the market opened on Thursday, missing the analyst consensus estimate of 4 cents.

The software company, known for its work with government agencies, reported quarterly sales of $432.87 million, which beat the analyst consensus estimate of $417.69 million.

Ark Invest held 30.48 million shares in Palantir, prior to Thursday’s trade, implying it trimmed nearly 16% of the total stake.

The St. Petersburg, Florida-based investment management firm owns shares in Palantir via all of its active exchange-traded funds, including the flagship Ark Innovation ETF.

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Comments

  • Ironman2002
    2022-02-20
    Ironman2002
    Probably have to hold for sometime 
  • LWKJKK
    2022-02-20
    LWKJKK
    If you realise she always release news to drop the price further then buy at even lower. 
  • 74rk
    2022-02-20
    74rk
    買
  • Jason_LSE
    2022-02-19
    Jason_LSE
    Shock after shock. Learning to get use to it ..lor. [LOL] 
  • Success88
    2022-02-19
    Success88
    The P/E is at loss. 😬
  • koolgal
    2022-02-19
    koolgal
    Palantir share price is currently down 36%.  It is a massive drop due to disappointing earnings.  Hope it will recover soon. 🙏🙏🙏
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