Palantir Technologies (PLTR) – Get report the shares rose on Friday after investor Cathie Wood revealed that her publicly traded funds bought more than 6 million shares of the company.
Ark Innovation (ARKK) – Get report acquired 5.2 million shares, while Ark Next Generation Internet (ARKW) – Get report bought another 1.56 million shares. The funds bought a total of 6.8 million shares valued at about $ 172 million, buying the drop after the data analytics firm’s shares fell.
The company’s stock, on the last check, jumped 13% to $ 28.56, breaking a string of six losing sessions that saw the stock fall 30%.
Wood appeared on CNBC this week, saying he was satisfied with the focus of Palantir chief executive Alex Karp on spending for growth recently, calling it a “refreshing attitude”, according to Business Insider.
Palantir has become one of the preferred shares of the crowd of infamous Reddit retail investors.
The company was one of the most popular shares on Reddit’s WallStreetBets forum on Thursday, second only to GameStop (GME) – Get report according to the Wall Street Journal.
Palantir fell on Thursday after the shares that had been blocked after the company’s initial public offering on September 30 were released.
Insiders were allowed to sell 20% of their shares in the direct listing IPO, and the remaining 80% were opened for trading on Thursday.
The stock more than doubled (up 166%) from its IPO to Thursday.
Earlier this week, the Denver company reported that its fourth-quarter loss fell to 8 cents a share, from 29 cents in the same quarter a year ago. Analysts surveyed by FactSet had expected a loss of 3 cents.
Revenue was $ 322 million, an increase of 40% over the previous year and ahead of analysts’ consensus forecast of $ 300 million.