[ad_1]
Palantir Technologies (PLTR) – Get the report Shares surged on Friday after investor Cathie Wood revealed that her exchange-traded funds bought more than 6 million shares of the company.
L’Arche innovation (ARKK) – Get the report acquired 5.2 million shares while Ark Next Generation Internet (ARKW) – Get the report purchased 1.56 million additional shares. The funds bought a total of 6.8 million shares worth about $ 172 million, buying the decline after the decline in shares of the data analytics firm.
The company’s stock at last check jumped 13% to $ 28.56, breaking a six-game losing streak that saw the stock drop 30%.
Wood appeared on CNBC this week, saying she was pleased with Palantir CEO Alex Karp’s focus on growth spending recently, calling it a “refreshing attitude,” according to Business Insider.
Palantir has become a favorite stock for the infamous crowd of Reddit retail investors.
The company was one of the trending stocks on Reddit’s WallStreetBets forum on Thursday, behind only GameStop. (GME) – Get the report according to the Wall Street Journal.
Palantir fell on Thursday after the release of shares that had been subject to lock-up after the company’s initial public offering on September 30.
Insiders were allowed to sell 20% of their shares during the IPO, and the remaining 80% were opened for trading on Thursday.
The title has more than doubled (up 166%) since its IPO until Thursday.
Earlier in the week, the Denver-based company reported that its fourth-quarter loss had narrowed to 8 cents a share from 29 cents in the previous year quarter. Analysts polled by FactSet had expected a loss of 3 cents.
Revenue was $ 322 million, up 40% from a year earlier and ahead of analyst consensus forecast of $ 300 million.
[ad_2]
Source link