Software giant Palantir (PLTR) -) in August reported earnings of five cents per share, amid a 13% increase in revenue, for the second quarter of the year. The firm boosted its revenue guidance for the third quarter and full year, saying that it expects to see more than $2.2 billion in revenue for 2023.
“We anticipate that we will become eligible for inclusion in the S&P 500 after we report our financial results for Q3 2023 in early November,” CEO Alex Karp wrote in a letter to shareholders. “At that point, we will have been profitable on a cumulative basis over the preceding four quarters.”
Top Wedbush analyst Dan Ives has called Palantir the "Messi of AI. I think it's a tidal wave of demand that they're starting to see around the corner."
Cathie Wood, the CEO and investment lead of Ark Invest, seems to agree with Ives' perspective.
Ark's flagship Innovation ETF picked up 744,961 shares of Palantir Sept. 21, a purchase worth around $10.5 million based on the company's closing price of $14 per share. The fund now owns a total of 6.6 million shares of Palantir, worth $93.4 million and weighted at 1.35% of the ETF.
Similar to that cadre of prominent mega-cap tech giants, Palantir's stock, up around 118%, has been surging throughout 2023.
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Ark at the same time continued its recent sell-off of its top holding and favorite stock: Tesla (TSLA) -). Ark sold a total of $15.95 million worth of Tesla Sept. 21, spread across Ark's Next Generation Internet ETF and Ark's Innovation ETF.
The firm's most recent 62,367-share divorce comes on the heels of a series of Tesla trimmings. Ark Innovation cut its Tesla holding by 32,080 shares Sept. 20, worth around $8.4 million. The fund dumped $20.5 million worth of Tesla stock Sept. 19.
Ark Invest additionally sold a total of more than $20 million of Tesla stock on Sept. 13 and 14; the investment firm has dumped a total of around $67 million worth of Tesla stock throughout the month of September.
Shares of Tesla, up 107% for the year, fell slightly Friday morning.
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