On Monday, Cathie Wood-led Ark Invest made notable trades, including a significant purchase of Bullish shares and a sell-off of Palantir Technologies Inc stock.
The Palantir Technologies Trade
Ark Invest reduced its holdings in Palantir Technologies Inc by selling 38,338 shares through ARK Innovation ETF. 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, acquiring a total of 238,346 shares across ARKK, Ark Fintech Innovation ETF, and ARK Next Generation Internet ETF. 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: 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.