Cathie Wood’s Ark Investment sells part of its Palantir position following a 30% surge in the stock over the past month.
Ark Investment Management sold $11.6 million of Palantir Technologies (PLTR) shares after the stock climbed more than 30% in the last month. The move follows a post-earnings rally that boosted the position’s value.
The flagship Ark Innovation ETF (ARKK) rose 4.15% year-to-date through August 14, lagging the S&P 500’s 13.74% gain. Over five years, ARKK posted a -7.40% annualized return, compared to the S&P 500’s 11.75%.
Wood’s strategy focuses on high-growth tech sectors, including AI and robotics, but has faced volatility, wiping out nearly $5 billion in investor wealth over the past decade.