Cathie Wood’s Ark ETFs added more than 2.6 million Palantir shares on Wednesday amid falling stock prices

• Cathie Wood’s ARK Innovation ETF and ARK Next Generation Internet ETF added 2.6 million shares of Palantir on Wednesday.
• At Wednesday’s closing price, the shares were worth more than $ 62.7 million.
• The move continues the trend of buying big tech names for ETFs managed by the famous fund manager.
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Cathie Wood’s ARK Innovation ETF (ARKK) and ARK Next Generation Internet ETF (ARKW) acquired a total of 2,658,800 shares of Palantir on Wednesday amid falling stock prices.

At Wednesday’s closing price of $ 23.59, the shares were worth about $ 62.7 million.

The change made Palantir the 37th^º greater participation of the ARK Innovation ETF and the 20^º greater participation of the ETK ARK Next Generation Internet.

Palantir’s shares plunged last week, after the expiration of a block and a surprise quarterly loss led to a considerable realization of internal profits at the big data company. Stock prices fell more than 26% in the past month and a recent retraction in technology stocks has not helped.

The Invesco QQQ Trust Series 1 ETF, which tracks technology names at Nasdaq, has dropped nearly 10% since the beginning of February. Much of the decline was caused by a bond settlement that rocked the markets last week, something Cathie Wood said was “very comfortable” with the long-term bias of her funds.

Wood has used the recent wave of technology to ‘buy the dive’ under many of his favorite names. The fund manager known as the ‘money tree’ has doubled its stake in Tesla (1) (2) amid falling stock prices at the EV maker, and now it is taking another bite out of Palantir.

The large purchase of Palantir by Wood follows a trend from ARK Innovation ETF and ARK Next Generation Internet ETF, which acquired a total of 6.8 million shares of Palantir in February.

Despite Palantir’s recent fall, several analysts still believe in the company’s prospects. Goldman Sachs analysts last month raised Palantir to a call option and set a target price of $ 34 for the company after profits.

Analysts, led by Christopher D. Merwin, CFA, argued that Palantir now has a clear path to “sustainable growth” as the company continues to win contracts for its Foundry, Gotham and Apollo software.

Palantir rose 4.03% from 11:27 am ET on Thursday.