Cathie Wood’s money managing firm Ark Invest on Wednesday continued to buy shares in Palantir Technologies Inc (NASDAQ:PLTR) on the dip.
The popular stock picker’s investment firm bought 1.25 million shares — estimated to be worth $28.19 million based on the latest closing price— in the Peter Thiel-backed data analytics company.
Palantir shares closed 7.13% lower at $22.52 a share on Wednesday, extending losses from Tuesday. The stock has plummeted 14% in the past five days.
The latest trade is Ark’s second such buy after months of booking profit in the stock.
See Also: Why Palantir Technologies Shares Are Falling
RBC Capital on Wednesday downgraded the stock from Sector Perform to Underperform and lowered its price target to $19 a share from $26. RBC Capital analyst Rishi Jaluria cited deceleration on both Government and Commercial (ex-SPAC) businesses among other reasons for the downgrade.
Palantir beat third-quarter revenue and met earnings estimates lifted by low-margin government-focused contracts, disappointing investors seeking more growth on the commercial side.
Ark deployed three of the active exchange-traded funds — the Ark Next Generation Internet ETF (NYSE:ARKW), the Ark Innovation ETF (NYSE:ARKK), and the Ark Autonomous Technology & Robotics ETF (BATS:ARKQ) to buy PLTR shares on Wednesday. The Ark Genomic Revolution ETF (BATS:ARKG) too owns shares in Palantir.
The four ETFs held 31.72 million shares — worth about $769.36 million, ahead of Wednesday’s trade.
See Also: Cathie Wood Rushes To Load Up $36M In Palantir As Its Stock Crashes 9%
Here are some of the other key Ark trades on Wednesday:
- Sold 140,713 shares — estimated to be worth $6.89 million — in Pfizer Inc (NYSE:PFE). Shares of the company, which have risen 33.2% so far this year, closed 3.64% higher at $49.02 a share on Wednesday.
- Bought 16,580 shares — estimated to be worth $191,996 — in Velo3D Inc (NYSE:VLD), a 3D printer supplier to Tesla Inc (NASDAQ:TSLA) CEO Elon Musk-led SpaceX. Shares of the company closed 1.22% higher at $11.58 a share.