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Palantir Stock Dropped More Than 5% in Morning Trading

Tiger Newspress2022-03-02

Palantir stock dropped more than 5% in morning trading.

Cathie Wood led Ark Investment Management on Tuesday shed nearly all of its exposure in the Peter Thiel-backed Palantir Technologies Inc( NYSE:PLTR).

The popular stock-picking firm sold 298 shares —estimated to be worth $3,629— in Palantir, based on Tuesday's closing price.

Palantir stock closed 2.78% higher at $12.2 a share on Tuesday. The stock is down 34.3% year-to-date.

Ark Invest held over 30 million shares in Palantir until mid-February and rushed to dump shares in the data analytics company known for its work with government agencies after it reported dismal earnings.

The popular investment firm shed nearly all of its exposure in just about seven trades.

Prior to the recent sell-off, Ark Invest had been piling up shares in Palantir for months.

Palantir shares fell nearly 16% after it reported fourth-quarter earnings of 2 cents per share, missing the analyst consensus estimate of 4 cents. It had, however, beat revenue expectations.

“Palantir reported a significant deceleration in growth in the larger government division, suggesting perhaps a change in government procurement behavior,” Wood had said in a note.

The St. Petersburg, Florida-based Palantir now holds 200 shares in Palantir after Tuesday’s sale.

Wedbush on Monday named Palantir among cybersecurity companies that are likely to benefit from the significant ramp-up of cyber warfare by Russian nation-state backed organizations over the coming weeks targeting various U.S. and Europe enterprises and government agencies.

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.

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Comment57

  • Adenphua
    ·2022-03-06
    GGWP go up please
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  • Looyusooi
    ·2022-03-03
    Okay
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  • Heistheone
    ·2022-03-03
    It's time to rise?[Onlooker] 
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  • All in Tesla
    ·2022-03-03
    Cathie has been selling to rebalance to her highest conviction shares 😉
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    • PSG2010
      Her stock fluctuates too much.😂
      2022-03-04
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  • Toby_Chua
    ·2022-03-03
    Getting closer to fair value of $5 day by day....
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    • PaperPlay
      And when it reaches, i will be there to enter my bigggest lot 💪
      2022-03-04
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  • Asphen
    ·2022-03-03
    Seems like the  more cathie sold, the more market is trying to buy it up 😀
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    • Adenphua

      HAHAHA

      2022-03-06
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    • Deposit
      okie thanks!
      2022-03-03
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    • Deposit
      cathie is really dumping her holdings?
      2022-03-03
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    View more 1 comments
  • Ken7979
    ·2022-03-03
    Oh no oh no
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  • Bspn
    ·2022-03-03
    Ok
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  • SatieTIG
    ·2022-03-03
    Lesson learned.. don't invest where Cathie is investing. You will surely loose.
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    • PaperPlay
      Now that ARK dumped $PLTR, it is time for $PLTR to reflect amongst its true investors that understands its business (hence Time Horizon)
      2022-03-03
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    • BGTAN
      she like a trader. not a fund manager [LOL]
      2022-03-03
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  • Pekpek
    ·2022-03-03
    It's time to go up 
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  • Ac85
    ·2022-03-03
    Thanks for sharing 
    Reply
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  • Zivcheah
    ·2022-03-03
    O
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  • Rookie22
    ·2022-03-02
    Ark keep selling omg
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    • Axekay
      good
      2022-03-03
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    • Kostiantyn
      Yeah, crazy i like the stoke tho
      2022-03-03
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  • Wtt
    ·2022-03-02
    Oh no
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    • WttReplying toWtt
      3
      2022-03-02
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    • WttReplying toWtt
      1
      2022-03-02
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    • WttReplying toWtt
      5
      2022-03-02
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    View more 2 comments
  • Erictrw
    ·2022-03-02
    Oh dam
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    • keegs
      Dam
      2022-03-03
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    • Erictrw
      Oh dam
      2022-03-02
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  • Dyo
    ·2022-03-02
    Buy
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  • D.Billions
    ·2022-03-02
    Rubbish stock
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    • Traderopedia
      totally agreed. .. I just felt sad when ppl dump their entire savings in it ... and get burnt .. I hope it's still early for him to restart his own life....
      2022-03-18
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    • Traderopedia
      get back to normalcy . if it's so easy... my ah ma aldy know how to invest like a pro
      2022-03-18
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  • Aloynty
    ·2022-03-02
    It's about rebalancing and putting her eggs into those she's more convicted in. Whilst it goes against the usual preaching of her disruptiveand 5y outlook, its reply to each his/her own
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  • angskk
    ·2022-03-02
    Ok
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