Cathie Wood took the opportunity to move on Aug. 31 on a stock she's shown favor for several times this year already.
Wood bought just over $10 million shares of Palantir Technologies PLTR in total, with flagship ARK Innovation WTF ARKK adding roughly 525,000 shares, Ark Fintech Innovation ETF ARKF buying 58,000 and Ark Next Generation Internet ETF ARKW buying 89,000.
Related: Cathie Wood Watch: Ark Funds Buy Palantir Again
Palantir took a hit Aug. 31 after Morgan Stanley downgraded the shares to "underweight" and dropped the price target from $9 to $8. Explaining their reasoning, the analysts said the big data analytics company's valuation is too rich and that the company needs time to translate its artificial intelligence (AI) offerings into actual revenue.
Wood often translates such changes as very good news, often buying the dip on companies other investors might choose to pass up. And she's not alone on her stance on Palantir, as WedBush analyst Dan Ives recently called it the "Messi of AI".
Wood also did some trimming yesterday to Ark Innovation's top ten, dropping 126,000 shares of Shopify (SHOP) -) worth close to $8.4 million, while the fintech ETF dropped 14,000 shares worth roughly $911,000 and the Next Generation Internet ETF more than 20,000 shares at a worth of about $1.4 million.
Palantir was up 1.7% in pre-market trading on the morning of Sept. 1.
Action Alerts PLUS offers expert portfolio guidance to help you make informed investing decisions. Sign up now.
