Palantir Jumps After ARK Loads Up on Shares

imageStock Markets14 hours ago (Feb 19, 2021 15:53)

© Reuters

By Liz Moyer — Palantir Technologies Inc (NYSE:PLTR) jumped 16% on Friday after word that a prominent investor amassed an even bigger stake.

Cathie Wood’s ARK Investment bought 5.3 million shares on Thursday as the stock fell after a lockup expiration. The shares were bought through the ARK Innovation ETF (NYSE:ARKK), according to StreetInsider. Earlier this week, her ARK Next Generation Internet ETF (NYSE:ARKW) fund bought 1.6 million shares of Palantir, upping its holdings to 4 million shares, StreetInsider said.

Palantir said earlier this week revenue would grow 45% in the current quarter. In the last quarter, venue surged by 40%, to $322 million, beating expectations of $300.7 million.

Goldman Sachs (NYSE:GS) upgraded the stock to a buy from neutral earlier this week, with a $34 price target. That implies another 29% gain from its current price. 

Palantir Jumps After ARK Loads Up on Shares

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