Palantir Technologies (PLTR.US) gains as much as 10.5% to $11.30 after exchange-traded funds managed by Cathie Wood's Ark Investment Management purchased 1.26 million shares of the company according to the information released yesterday.
The estimated valuation of the shares acquired by Ark Investment Management is around $13 million, based on yesterday's closing price. Ark's stake purchase occurred via the flagship ARK Innovation ETF (ARKK.US), ARK Next Generation Internet ETF (ARKW.US), and Ark Fintech Innovation ETF (ARKF.US). Palantir's stock has been on a positive trajectory over the past month, with returns of over 18%. Since the beginning of the year, the shares have gained over 65%. However, the current price is still far below the all-time high set at the beginning of 2021 when the stock was traded for $44 per share.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis recent purchase by Ark Investment Management follows their strong earnings announcement. Palantir reported an 18% year-over-year increase in Q1 revenue, surpassing analyst estimates. The company expects full-year revenue in the range of $2.185 billion to $2.235 billion. Notably, Palantir's CEO Alex Karp expressed confidence in the company's profitability, stating that they anticipate remaining profitable each quarter through the end of the year. The positive earnings results and optimistic outlook have attracted significant attention from investors, leading to increased buying interest in Palantir's stock.
Palantir (PLTR.US), D1 timefrme, source: xStation 5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
