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Wednesday has the Cathie Hout-led Ark Invest made a remarkable step by selling a significant part of its stake Palantir Technologies Inc (NYSE:PLTR).
The Palantir trade: The ARK Innovation ETF (NYSE:ARKK) sold 62,809 shares of Palantir. The sale came just days after Palantir’s inclusion in the S&P 500 index, replacing it American Airlines Group, Inc. This inclusion could potentially boost Palantir’s stock as it gives it broader exposure to investors and accumulates shares for inclusion in index funds that mirror the S&P 500. Despite the positive news, Ark Invest decided to reduce its exposure to the company.
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Furthermore, the sale took place on the same day that Palantir announced a multi-million dollar extension of its deal with APA Corporation. The deal, which builds on three years of collaboration, introduces new AI capabilities through Palantir’s Artificial Intelligence Platform (AIP) software. Despite these developments, Ark Invest’s move indicates a strategic shift in its investment approach towards Palantir.
The value of the transaction, based on Palantir’s closing price of $37.12 on the same day, is approximately $2.33 million.
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Other important transactions:
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from Ark Invest ARK Genomic Revolution ETF (ARKG) sold shares of Veeva Systems Inc (VEEV) and shares of Butterfly Network Inc (BFLY).
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The ARK Autonomous Technology & Robotics ETF (ARKQ) sold shares of Materialize NV (MTLS) and also shares of Vuzix Corp (VUZI).
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The ARK Next Generation Internet ETF (ARKW) sold shares of Roku Inc (ROKU). The ARK Space Exploration & Innovation ETF (ARKX) bought shares of Blade Air Mobility Inc (BLDE) and sold shares of Mynaric AG (MINE).
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This article Cathie Wood’s Ark Invest Dumps Palantir Stock Amid S&P 500 Inclusion and Extended AI Alliance originally appeared on Benzinga.com
