Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
On Wednesday, the Cathie Wood-led Ark Invest made a notable move by selling a significant portion of its stake in Palantir Technologies Inc (NYSE:PLTR).
The Palantir Trade: The ARK Innovation ETF (NYSE:ARKK) offloaded 62,809 shares of Palantir. The sale came just days after Palantir’s inclusion in the S&P 500 index, replacing American Airlines Group, Inc. This inclusion could potentially boost Palantir’s stock as it gains wider exposure to investors and as shares are accumulated to be included in index funds that mirror the S&P 500. Despite the positive news, Ark Invest decided to reduce its exposure to the company.
Don’t Miss:
A billion-dollar investment strategy with minimums as low as $10 — you can become part of the next big real estate boom today.
This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund's prospectus. Read them carefully before investing.Your biggest returns may not come from the stock market. Invest the way colleges, pension funds, and the 1% do. Get started investing in commercial real estate today.
Moreover, the sale occurred on the same day Palantir announced a multi-million-dollar extension of its deal with APA Corporation. The deal, which builds on three years of collaboration, introduces new AI capabilities through Palantir's Artificial Intelligence Platform (AIP) software. Despite these developments, Ark Invest’s move suggests a strategic shift in its investment approach towards Palantir.
The value of the trade, based on Palantir’s closing price of $37.12 on the same day, is approximately $2.33 million.
Trending: This billion-dollar fund has invested in the next big real estate boom, here's how you can join for $10.
This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund's prospectus. Read them carefully before investing.
Other Key Trades:
Ark Invest’s ARK Genomic Revolution ETF (ARKG) sold shares of Veeva Systems Inc (VEEV) and shares of Butterfly Network Inc (BFLY).
The ARK Autonomous Technology & Robotics ETF (ARKQ) sold shares of Materialise NV (MTLS) and also shares of Vuzix Corp (VUZI).
The ARK Next Generation Internet ETF (ARKW) sold shares of Roku Inc (ROKU). The ARK Space Exploration & Innovation ETF (ARKX) bought shares of Blade Air Mobility Inc (BLDE) and sold shares of Mynaric AG (MYNA).
Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Keep Reading:
Fractional real estate is the next big opportunity for building passive income — get started for just $100.
With returns as high as 300%, it’s no wonder this asset is the investment choice of many billionaires. Uncover the secret.
This article Cathie Wood's Ark Invest Dumps Palantir Shares Amidst S&P 500 Inclusion And Extended AI Alliance originally appeared on Benzinga.com