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

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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":[],"hasMoreComments":false,"newsSizeData":{"likeSize":12,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}