On Wednesday, Cathie Wood’s Ark Invest made a significant move by selling a substantial number of shares in Palantir Technologies Inc. (NYSE:PLTR). This decision comes amidst a brewing controversy surrounding the company’s alleged involvement in a surveillance program.
The Palantir Trade
Ark Invest’s flagship fund, ARK Innovation ETF (NYSE:ARKK), offloaded 40,035 shares of the Alex Karp-led company. Based on the closing price of the day -- $130.01, the value of this trade is estimated to be $5.2 million.
Palantir has recently been in the news due to allegations of its involvement in a surveillance program. The company has been accused of aiding the Trump administration in creating detailed profiles of American citizens using federal data, as reported by Benzinga. Palantir has denied these allegations, stating that they do not “unlawfully” spy on Americans.
Notably, Palantir remains one of Ark’s top 10 holdings, making up 5.3% of the portfolio by weight. The market value of the PLTR holdings stands at $300.66 million, according to Ark data.
Other Key Trades:
- Ark Invest sold 149,211 shares of Roblox Corp (RBLX) from its ARKK fund.
- Ark Invest bought 99,637 shares of Guardant Health Inc. (GH) for its ARKK fund.
- Ark Invest also bought 95,017 shares of Veracyte Inc. (VCYT) for its ARKK fund.
Benzinga's Edge Stock Rankings indicate Palantir has positive Short, Medium and Long Price Trends. Here is how the stock ranks on other important metrics.
Photo Courtesy: ChrisStock82 on Shutterstock.com
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
