On Monday, Cathie Wood-led Ark Invest made notable trades, including a significant purchase of Bullish (NYSE:BLSH) shares and a sell-off of Palantir Technologies Inc (NASDAQ:PLTR) stock.
The Palantir Technologies Trade
Ark Invest reduced its holdings in Palantir Technologies Inc (NASDAQ:PLTR) by selling 38,338 shares through ARK Innovation ETF (BATS:ARKK). This move comes after Palantir’s impressive third-quarter earnings report, which saw the company exceed analyst expectations. Palantir reported a revenue of $1.18 billion, surpassing the anticipated $1.09 billion, and adjusted earnings of 21 cents per share, beating the forecasted 17 cents per share. The company’s U.S. commercial revenue soared by 121% year-over-year, reaching $397 million.
Despite this positive performance, Ark Invest decided to trim its position. At the close of trading on Monday, Palantir’s stock was priced at $207.18, making the value of the shares sold approximately $7.9 million.
Notably, Cathie Wood's Ark has been offloading Palantir stock, selling about $3.9 million worth of shares on Thursday alone. The firm executed multiple transactions over the past week, unloading millions of dollars' worth of shares.
The Bullish Trade
Ark Invest made a substantial investment in Bullish (NYSE:BLSH), acquiring a total of 238,346 shares across ARKK, Ark Fintech Innovation ETF (BATS:ARKF), and ARK Next Generation Internet ETF (BATS:ARKW). This purchase follows Bullish’s remarkable IPO, which saw its stock open significantly above its initial offering price.
Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, has been a focal point for Ark Invest since its IPO surge.
The stock closed at $50.26 on Monday, valuing Ark’s purchase at approximately $11.9 million.
Other Key Trades
- Beam Therapeutics Inc (BEAM): Ark Invest bought 56,833 shares through ARKG and 279,424 shares through ARKK.
- Roku Inc (ROKU): Sold 21,793 shares through ARKK.
- Guardant Health Inc (GH): Sold 13,426 shares through ARKG.
Benzinga’s Edge Stock Rankings indicate Palantir stock has a Momentum in the 97th percentile. Here is how PLTR is ranked on other metrics.
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Photo: ChrisStock82 / Shutterstock.com
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