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Cathie Wood-led Ark Investment Management on Tuesday snapped up 2.8 million shares, worth about $56.7 million, in Palantir Technologies Inc (NYSE:PLTR) after the data analytics company reported strong earnings on Tuesday.
Shares of Palantir, which reported earnings before the market opened, were down to about $16.50 in premarket trading on Tuesday before staging a reversal that saw the stock close up 9.42% at $20.21. The shares were further up 2.3% in extended hours.
The trades were made through Ark Innovation ETF (NYSE:ARKK) and the ARK Next Generation Internet ETF (NYSE:ARKW), which together held PLTR shares, worth about $414 million, ahead of Tuesday’s trade.
No other Ark ETF has a position in Palantir.
The New York-based investment firm had on Monday also snapped up 1.36 million shares in Palantir.
See Also: Palantir Stages Reversal Following 'Phenomenal' Earnings Report, Says Roger Monteforte
Palantir reported first-quarter earnings of 4 cents per share on Tuesday, which was in line with the consensus estimate. Revenue grew 49% year-over-year to $341 million, which beat the estimate of $332.23 million. Palantir also reaffirmed its guidance for annual revenue growth of 30% or greater through 2025.
On the conference call, the company said it would begin accepting Bitcoin as payment from customers. Further, Palantir said it's considering investing in Bitcoin or other cryptocurrencies.
See Also: Cathie Wood Cuts Apple Stake By 30% And Buys Coinbase, DraftKings
Other Ark Buys On Tuesday:
Other Ark Sells On Tuesday:
Photo by Tech.Co on Flickr
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