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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.

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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