Cathie Wood Sells Palantir Shares Worth $2.65 Million Ahead Of Earnings, Doubles Down On This Chip Giant

On Wednesday, Cathie Wood-led Ark Invest executed significant trades involving Palantir Technologies Inc. PLTR, Advanced Micro Devices Inc. AMD, and Shopify Inc. SHOP.

The Palantir Trade

Ark Invest made a notable move by selling shares of Palantir Technologies Inc. PLTR across ARK Next Generation Internet ETF ARKW and ARK Space Exploration & Innovation ETF ARKX. The sale involved 19,005 shares in ARKW and 3,375 shares in ARKX. With Palantir’s stock closing at $118.44, the total value of the shares sold amounted to approximately $2.65 million. Palantir has been in the spotlight due to its recent defense contracts and upcoming earnings report on May 5. The company has been actively involved in the TITAN program, delivering systems to the U.S. Army, which has contributed to its stock’s 55% year-to-date increase. 

The AMD Trade

Ark Invest also increased its stake in Advanced Micro Devices Inc. AMD through ARK Innovation ETF ARKK and ARKW. The firm purchased 106,769 shares in ARKK and 12,349 shares in ARKW, totaling a value of approximately $11.56 million, with AMD’s stock closing at $97.35. This move comes amid industry discussions about Huawei’s development of an AI chip, potentially challenging competitors. Despite this, AMD continues to be a key player in the semiconductor industry. Notably, Ark has made AMD purchases throughout this week so far. The company loaded up on $3.79 million worth of shares on Monday and another $747,923 worth on Tuesday.

The Shopify Trade

Ark Invest’s purchase of 12,632 shares of Shopify Inc. SHOP through its ARKW ETF reflects a strategic investment in the e-commerce sector. With SHOP’s stock closing at $95.00, the transaction was valued at approximately $1.2 million. Shopify faces new challenges due to changes in trade policies, impacting e-commerce platforms. Despite these headwinds, Shopify remains a significant player in the digital commerce landscape. 

Other Key Trades:

• CRISPR Therapeutics AG (CRSP) – Sold 354,188 shares in ARKK.
• Pacific Biosciences of California Inc. (PACB) – Bought 345,607 shares in ARKK.
• 10X Genomics Inc. (TXG) – Bought 184,619 shares in ARKK.
• Kratos Defense and Security Solutions Inc. (KTOS) – Sold 75,284 shares in ARKQ and 7,842 shares via ARKX.
• Caterpillar Inc. (CAT) – Bought 6,933 shares in ARKQ.

Benzinga Edge Stock Rankings places Palantir Momentum in the 99th percentile and Growth in the 86th percentile. How do other potent rivals compare? Find out here.