Cathie Wood's Ark uses pullback in Palantir to buy more shares

December 7, 2023 5:31 AM EST

Cathie Wood's ARK Investment Management funds made their first purchase of shares in data-analysis firm Palantir (NYSE: PLTR) in about two and a half months.

ARK Innovation ETF (ARKK) acquired nearly 1.2 million shares, ARK Next Generation Internet ETF (ARKW) bought 232,050 shares, and ARK Fintech Innovation ETF (ARKF) purchased 145,910 shares.

This move comes as Palantir's stock has declined by 19.7% from its high on November 20, but it remains up 167% year-to-date.

Palantir shares are up 1% in pre-market Thursday trade. The stock fell on Wednesday after co-founder Stephen Cohen disclosed he sold nearly $13 million in stock.

By Senad Karaahmetovic

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