Based on the closing price of the stock on Dec. 6, Cathie Wood's ARK Innovation ETF sold 95,570 Palantir Technologies (PLTR, Financial) shares valued at roughly $7.3 million.
Driven by its increasing significance in artificial intelligence and growing demand for its big-data analytics systems, Palantir's stock has more than doubled in 2024 through Dec. 11. Third-quarter results that exceeded Wall Street expectations—net income doubled year-over-year to $143.5 million and revenue increased 30%—supported the company's outstanding performance.
Though Palantir makes up 5.26% of ARK Innovation ETF's top 10 holdings—that is, part of its portfolio as of December 12—Wood's sale aligns with her investment approach of scooping up gains in explosive businesses. Recently moving to the Nasdaq Global Select Market, Palantir stock ended at $72.51 on December 11.
With its annualized three-year return trailing more general benchmarks like the S&P 500, Wood's flagship fund has experienced mixed investor sentiment. Though it showed an 18.03% return year-to- date through Dec. 11, ARK Innovation ETF has witnessed $2.68 billion in net outflows over the past year.
