Cathie Wood, the chief at ARK Investment Management, has offloaded approximately $28 million worth of Palantir Technologies Inc. (NASDAQ:PLTR) shares.
Wood’s funds have experienced a turbulent period recently, marked by severe losses and robust gains. Despite the market volatility, the flagship ARK Innovation ETF (ARKK) has seen a 29.7% increase year-to-date, significantly surpassing the S&P 500’s 8.6% gain.
Wood’s investment approach centers around emerging high-tech companies specializing in areas such as artificial intelligence, blockchain, biomedical technology, and robotics. Despite the strategy causing major fluctuations in ARK funds’ values, Wood maintains a bullish stance on the market.
Over the past week, Wood has been offloading Palantir shares as the stock reached a record high of $186.96 on Aug. 8. The move follows Palantir’s strongest-ever second-quarter earnings report on Aug. 4. The stock has now risen 147.2% year to date.
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Wood’s decision to sell likely indicates a strategy of capitalizing on profits while the stock is trading at high valuations, rather than a complete withdrawal, reports The Street.
Even after the recent sales, Palantir remains one of Wood's top investments, comprising 5.04% of the ARK Innovation ETF. Wood’s decision to sell Palantir shares amidst record highs is a strategic move that aligns with her investment philosophy.
By focusing on emerging high-tech companies, Wood has positioned ARK Investment Management to capitalize on the rapid growth and innovation in these sectors.
Despite the recent sale, Palantir remains a significant part of ARK’s portfolio, demonstrating Wood’s continued confidence in the company’s potential.
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