Cathie Wood snapped up a total of 741,989 shares of Palantir -- valued at around $12.5 million -- Aug. 8, in the wake of the tech company's earnings. The purchase was split across Ark Invest's flagship innovation ETF -- which picked up 624,643 shares -- and Ark's Next Generation Internet ETF, which picked up 117,346 shares.
The purchase marks a somewhat significant change to Ark's funds as the firm's Palantir (PLTR) -) holdings have not been particularly significant in the past. Ark Innovation now holds around 5.5 million shares of Palantir, valued at around $94 million. The holding is weighted at a little over 1% of the fund.
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And Ark Next Generation Internet holds a little less than a million shares of the company, valued at $16.2 million and weighted at a little more than 1% of the ETF.
Palantir reported earnings that were in line with analyst estimates on Aug. 7. But the stock still tumbled around 5% Aug. 8 on news that the company's commercial revenue was down from last year.
Palantir reported a 13% increase in revenue, to $533 million for the quarter, a significant chunk of which came from government customers. The company said it expects to see $2.21 billion in revenue for the full-year 2023.
Palantir remains hard at work on its generative AI products, though it has yet to reveal pricing for these applications.
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"It's probably the best pure-play AI name in terms of them monetizing, not just on the government side, but on the enterprise side when it comes to AI," Wedbush analyst Dan Ives said. "This remains one of the core AI names over the coming years."
After the recent tumble, Palantir's stock is up around 165% for the year so far. In May, it was trading at around $7 per share. Now, it's trading at around $17.
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