Cathie Wood Just Sold $21 Million of Palantir Stock. Here's Why That Could Be a Big Mistake.
Ark Invest's ETFs took profits after the AI stock's impressive week.
Overview
After Palantir Technologies (NASDAQ: PLTR) delivered an impressive second-quarter earnings report last week, the stock market rewarded its success with a big share price move. Palantir stock is up more than 35% over the last week, and its market cap has grown by more than $115 billion since July 31.
Those gains have analysts from Citi, Northland Securities, Mizuho Securities, and more upping their price targets, and some project that the data analytics company's shares could rise by nearly 50% over the next year. But Cathie Wood, founder and CEO of Ark Investment Management, isn't waiting around. Her asset management firm's family of exchange-traded funds (ETFs) have sold $21 million worth of Palantir stock since the company's Aug. 3 earnings report.
Details
Why is Wood taking profits now? I believe it says a lot about her overall strategy.
Source
Originally published at www.fool.com.