Cathie Wood Has Been Selling Palantir Into Every Rally Since Its 29% Earnings Pop
Her funds' daily trade files show the same response to each leg higher in the AI software stock -- while $26.6 million went somewhere much cheaper.
Overview
Palantir Technologies (NASDAQ: PLTR) reported second-quarter results on Aug. 3 that CEO Alex Karp called "otherworldly" in the company's earnings release -- and the numbers back the word up. Revenue rose 93% year over year. Shares jumped 29.5% the next day, narrowly missing their biggest single-day gain ever.
Cathie Wood spent that week selling.
Details
On Aug. 4 and 5, funds run by her firm, ARK Investment Management, sold a combined 109,492 shares of the artificial intelligence (AI) software specialist, worth about $17 million, according to ARK's daily trade disclosures. And after shares jumped another 10% on Friday, ARK sold again on Monday, unloading 11,525 more shares worth about $2 million.
Source
Originally published at www.fool.com.