- Cathie Wood’s flagship fund added 1.2 million shares of Palantir on Wednesday as the stock slid 6%.
- Wood’s Ark Innovation ETF now holds 10.8 million shares of the data company.
- Palantir saw its lowest closing price in almost four months on Wednesday, at $21.88.
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Cathie Wood’s flagship fund bought the dip in Palantir on Wednesday, ETF records show.
Wood’s Ark Innovation ETF added roughly 1.2 million shares of Palantir as the stock sank to $21.88, its lowest closing price since November 23.
As of Wednesday’s close, the exchange-traded fund holds 10.8 million shares of Palantir worth $251 million. The data surveillance company makes up 1.07% of the Ark Innovation ETF.
Shares of Palantir closed down nearly 6% on Wednesday and continued to slide in premarket trading Thursday but reversed course after the opening bell. Palantir jumped as high as 1.9% to $22.30 Thursday morning.
The data company has fallen 17% in the last month amid a lockup expiration that’s prompted profit-taking from company insiders.
In a CNBC interview in February, Wood explained that her Palantir trade is a long-term bet. She also praised CEO Alex Karp’s plan to forfeit short-term profits and invest aggressively in the future.
“It’s exactly how we invest. We want our companies to invest aggressively. We don’t want profits now,” the investing titan told CNBC.