Benzinga - by Surbhi Jain, .
Palantir Technologies Inc‘s (NYSE:PLTR) stock is being actively traded by the who’s who over the past two days. On Tuesday, the company’s co-founder and president Stephen Cohen, sold a good volume of the stock, sending Palantir stock down by 3% on pre-market trading on Wednesday.
Cohen made the sale after converting B shares to A shares. He sold 500,000 shares on 12/01/23 and another 156,100 shares on 12/04/23 at prices around $19-$20.
The value of the stock sold was nearly $13 million.
This news was shortly followed by quite the opposite news.
On Wednesday, Cathie Wood-led Ark Investment Management fund made a notable trade by purchasing a total of 1,578,738 Palantir stock for $27.04 million. ARK Innovation ETF (NYSE:ARKK) acquired nearly 1.2 million shares, ARK Next Generation Internet ETF (NYSE:ARKW) bought 232,050 shares, and ARK Fintech Innovation ETF (NYSE:ARKF) purchased 145,910 shares.
Related: Cathie Wood’s Ark Invest Doubles Down On Palantir Amid Correction, Scoops Up Over $27M Worth Of Stock
Palantir shares closed nearly 6.4% lower at $17.13 on Wednesday. Palantir stock was down nearly 9.5% over the past month. Wood scooped up a decent amount in the innovation-led company’s stock during its correction phase.
The move aligns with Wood's history of investing in disruptive technologies, as highlighted in a recent Benzinga article. Despite recent challenges, including a decline in Palantir's stock value, Ark's investment could be seen as a strategic move anticipating future growth.
The move re-iterates Ark Investment Management’s continuous emphasis on businesses that are potentially disruptive and innovative.
PLTR Price Action: Palantir stock is up 145% over the past year. The stock gained little by noon on Thursday, up 0.05%. The Golden Cross established in early November with the 50-day SMA crossing over the 100-day SMA, indicated positive investor sentiments around the stock.
Read Next: Palantir’s Stock Surge Meets Potential Pause
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.