Cathie Wood Rushes To Load Up $36M In Palantir As Its Stock Crashes 9%

Cathie Wood’s money managing firm Ark Invest on Tuesday bought 1.48 million shares—  estimated to be worth $35.98 million— in Palantir Technologies Inc PLTR on the dip and after months of booking profit in the stock.

Shares of the Peter Thiel-backed company closed 9.35% lower at $24.25 a share on Tuesday.

The company, which supplies data analytics software to government agencies, beat third-quarter revenue and met earnings estimates lifted by low-margin government focused contracts, disappointing investors seeking more growth on the commercial side.

Palantir’s revenue grew 36% year-over-year to $392 million, slowing from the previous two quarters. The company drew a bulk of that revenue from government contracts in the third quarter.

See Also: Why Palantir Shares Are Falling

Ark deployed four of the active exchange-traded funds — the Ark Next Generation Internet ETF ARKW, the Ark Innovation ETF ARKK, and the Ark Autonomous Technology & Robotics ETF ARKQ and the Ark Genomic Revolution ETF ARKG to buy shares in Palantir on Tuesday.

The four ETFs held 30.29 million shares — worth about $810.41 million, ahead of Tuesday’s trade.

Here are some of the other key Ark Invest trades on Tuesday:

• Bought 158,350 shares — estimated to be worth $5.8 million — in Robinhood Markets Inc HOOD. Shares closed 3.37% lower at $36.7 a share on Tuesday.
• Sold 238,235 shares in Pfizer Inc. PFE, estimated to be worth around $11.27 million.