On Thursday, Cathie Wood-led Ark Invest made significant trades involving Palantir Technologies Inc. and Block Inc. Notably, the firm had sold shares of both these companies ahead of Christmas as well.
The Palantir Trade
Ark Invest decided to sell 103,410 shares of Palantir Technologies Inc. through its ARK Innovation ETF (ARKK). The sale, valued at approximately $8.5 million based on Palantir’s closing price of $82.14, aligns with Ark’s recent trend of reducing its position in Palantir.
Palantir’s stock has seen a remarkable surge, climbing over 380% since the beginning of the year, largely due to its strong positioning in the AI sector. This rally gained momentum in November following the company’s impressive quarterly results, which highlighted robust demand for AI solutions.
The Block Trade
In another strategic move, Ark Invest sold 15,342 shares of Block Inc. from ARKK. This transaction was valued at approximately $1.4 million, calculated from Block’s closing price of $91.48. Block, previously known as Square, has been a key player in the digital payments space and has a Bitcoin focus. Bitcoin has been in focus as the leading cryptocurrency has been consistently hitting new all-time highs this year. For more insights into Ark’s recent trading activities, visit this Benzinga report.
Other Key Trades:
GitLab Inc: Ark Invest purchased 219,606 shares through the ARKK.
CRISPR Therapeutics AG: A buy of 57,889 shares was made by Ark through the ARKK.
Adaptive Biotechnologies Corp: Ark sold 75,957 shares from the ARKG.