Palantir Technologies surges 11% as Ark Investment Management boosts stake 🚀

Palantir Technologies (PLTR.US) gains as much as 10.5% to $11.30 after exchange-traded funds managed by Cathie Wood's Ark Investment Management purchased 1.26 million shares of the company according to the information released yesterday.

The estimated valuation of the shares acquired by Ark Investment Management is around $13 million, based on yesterday's closing price. Ark's stake purchase occurred  via the flagship ARK Innovation ETF (ARKK.US), ARK Next Generation Internet ETF (ARKW.US), and Ark Fintech Innovation ETF (ARKF.US). Palantir's stock has been on a positive trajectory over the past month, with returns of over 18%. Since the beginning of the year, the shares have gained over 65%. However, the current price is still far below the all-time high set at the beginning of 2021 when the stock was traded for $44 per share.

This recent purchase by Ark Investment Management follows their strong earnings announcement. Palantir reported an 18% year-over-year increase in Q1 revenue, surpassing analyst estimates. The company expects full-year revenue in the range of $2.185 billion to $2.235 billion. Notably, Palantir's CEO Alex Karp expressed confidence in the company's profitability, stating that they anticipate remaining profitable each quarter through the end of the year. The positive earnings results and optimistic outlook have attracted significant attention from investors, leading to increased buying interest in Palantir's stock.

Palantir (PLTR.US), D1 timefrme, source: xStation 5