• 305
  • 58
  • 1

Cathie Wood's Ark Is Now Completely Out Of Palantir — Selling Over 30 Million Shares In 1 Month

benzinga2022-03-10

Cathie Wood-led Ark Investment Management has shed all its holdings in Peter Thiel-backed Palantir Technologies Inc (NYSE: PLTR), marking one of the investment firm's swiftest exists from a stock it was bullish on just over a month ago.

Ark Invest on Wednesday sold the remaining five shares it held in Palantir via the Ark Space Exploration & Innovation ETF (BATS: ARKX), daily trade data from the investment firm showed.

For perspective, Ark Invest at the start of February held over 30 million shares, in the data analytics company known for its work with government agencies.

The popular investment firm, known for holding bets in Tesla Inc (NASDAQ: TSLA) and Coinbase Global Inc (NASDAQ: COIN), shed nearly all of its Palantir exposure in about 13 trades.

Ark Invest had been piling up Palantir stock for months prior to the selloff that began on Feb. 1, when it sold 3.2 million shares in a single trade.

It stepped up liquidating efforts after the company reported fourth-quarter earnings of two cents per share, below analyst expectations, sending its shares down 16%.

“We had some concerns about their (Palantir) competitive positioning within the government space and we had better risk money elsewhere,” Brett Winton, director of Research at Ark Invest, had said in an interview on a YouTube channel earlier this month.

“It's an interesting company .. the technology is super interesting and we're very bullish on AI generally. The marginal competitive weakness on the government side just left us with other places to go.”

Palantir stock closed 5.5% higher at $11.6 a share on Wednesday. The stock is down 37% year-to-date.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment58

  • sinf
    ·2022-03-11
    Pls like. Thanks
    Reply
    Report
  • waiwaiho
    ·2022-03-11
    Pls like, thanks 
    Reply
    Report
  • Winstongoh
    ·2022-03-11
    Like please
    Reply
    Report
    Fold Replies
    • waiwaiho
      pls like back,thanks
      2022-03-11
      Reply
      Report
  • Toby_Chua
    ·2022-03-11
    Fund got no emotion buy n sell on technical
    Reply
    Report
  • zlance
    ·2022-03-11
    When she's out, we shud be in!! She's selling off so many stocks she once believed so strongly in...Guess her investment strategy is if your stock price is on a decline, you're our!!
    Reply
    Report
    Fold Replies
    • PaperPlay
      Since the market decline Q4 of 2021, she seems to be showing behaviour like a momentum trader unlike ARK's innovation tagline
      2022-03-11
      Reply
      Report
    • Guardian_J
      o yea
      2022-03-14
      Reply
      Report
    • zlance
      truth is she wanted us to worship her like a cult leader and yet she keeps showing us how fast she can change her beliefs.
      2022-03-11
      Reply
      Report
  • Asphen
    ·2022-03-11
    No wonder PLTR recovering.... haha 
    Reply
    Report
  • Bspn
    ·2022-03-11
    Ok
    Reply
    Report
  • JSY25
    ·2022-03-11
    If you still believe and confident With the stock, shall give it sometime to progress, you will see results in medium terms .. 
    Reply
    Report
    Fold Replies
    • JSY25
      [Facepalm] let’s help our selves first si that god can provide guidance..👍
      2022-03-11
      Reply
      Report
    • zippiee
      Just started to fall, and the opportunity hasn't really appeared yet.
      2022-03-11
      Reply
      Report
    • blinkix
      God can't save the American stock market and the American economy.
      2022-03-11
      Reply
      Report
    View more 2 comments
  • SCLIEW
    ·2022-03-11
    666
    Reply
    Report
  • 1000010101O
    ·2022-03-10
    [Smile] 
    Reply
    Report
    Fold Replies
    • ahjo79
      👍
      2022-03-11
      Reply
      Report
  • Cvt
    ·2022-03-10
    Ok
    Reply
    Report
    Fold Replies
  • dho
    ·2022-03-10
    So sad
    Reply
    Report
  • AK1228
    ·2022-03-10
    Plz like
    Reply
    Report
    Fold Replies
    • Cvt
      Ok
      2022-03-10
      Reply
      Report
    • buckethead
      ok
      2022-03-10
      Reply
      Report
  • leemoney
    ·2022-03-10
    Nice
    Reply
    Report
  • Chonky
    ·2022-03-10
    Like please. 
    Reply
    Report
    Fold Replies
    • leemoney
      done
      2022-03-10
      Reply
      Report
    • AK1228
      Ok
      2022-03-10
      Reply
      Report
  • surfer guy
    ·2022-03-10
    She needs to make sure her funds are profitable in shorter time horizon. so changing composition is part and parcel of the work. Depending on own investment timeframe might not need to follow
    Reply
    Report
  • romanc9
    ·2022-03-10
    Well fund mgr also need money for other opportunities. So no big deal. Pltr will move back to ard $20. Patient
    Reply
    Report
    Fold Replies
    • rocketchoo2
      shouldnt be too much of concern for long term if fundamentally dosent change. [Salute]
      2022-03-10
      Reply
      Report
  • Samuel.L
    ·2022-03-10
    Ok
    Reply
    Report
    Fold Replies
    • Samuel.L
      Ok
      2022-03-10
      Reply
      Report
  • Jo_9642
    ·2022-03-10
    🤔 
    Reply
    Report
    Fold Replies
    • TJW1991
      666
      2022-03-10
      Reply
      Report
  • Ljwen
    ·2022-03-10
    Buy Buy Buy
    Reply
    Report

7x24