Photo: Courtesy of Cory Doctorow on Flickr
On Friday, Cathie Wood-led Ark Investment Management sold more shares of Palantir Technologies Inc (PLTR), halving its exposure in the Peter Thiel-backed company.
The popular investment management firm sold 13.5 million shares of the big data company, estimated to be worth $148.9 million based on Friday’s closing. Palantir stock closed 6.4% lower at $11.02 a share on Friday. The stock is down 16% in the past week.
Ark Invest held 25.53 million shares in Palantir, prior to Friday’s trade, implying the popular stock picking firm had slashed nearly 52% of its total stake a day later.
This was Ark Invest’s second straight share dump in Palantir after the company reported lower-than-expected fourth-quarter earnings before the market opened on Thursday.
The software company, known for its work with government agencies, had reported earnings of 2 cents per share, missing the analyst consensus estimate of 4 cents. The company reported quarterly sales of $432.87 million, which beat the analyst consensus estimate of $417.69 million.
The investment firm had sold 4.77 million shares of Palantir a day before. Ark Invest owns shares in Palantir via all of its six active exchange-traded funds, including the flagship Ark Innovation ETF (ARKK). Ark Invest had been piling up shares in Palantir for months, prior to the recent sell off.
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