Cathie Wood's Thursday Moves: Dumps Buzzing Stocks Tesla And Palantir

On Thursday, Cathie Wood-led Ark Invest made some significant trades, notably selling off Tesla Inc. TSLA and Palantir Technologies Inc. PLTR stock.

The Tesla Trade

The ARK Innovation ETF ARKK reduced its holdings in Tesla Inc. by selling 14,016 shares. This move comes amidst a month where Tesla’s stock has been on a remarkable upswing, reaching new highs. The Elon Musk-led company’s stock has risen over 26% in December.

The shares were sold at a closing price of $436.17, totaling approximately $6.1 million in value. This decision follows a previous sale of Tesla shares by Ark Invest on Wednesday when the firm sold another $9.06 million worth of stock. These sales took place not long after Musk expressed optimism that the stock could touch the $690 mark.

The Palantir Trade

On the same day, Ark Invest sold Palantir stock. The firm sold 33,402 shares of the Alex Karp-led company through ARKK. The transaction was valued at $2.5 million with shares closing at $74.21 on Thursday.

This decision comes on the heels of Palantir’s recent announcement of a $400.7 million contract extension with the U.S. Army, with a total potential ceiling of $618.9 million. The agreement aims to operationalize data across the entire Department of the Army, enabling broader integration of data and AI capabilities. Despite the company’s stock climbing 350% year-to-date and nearly 18% in December, company insiders have been selling off shares.

Other Key Trades:

• ARKG and ARKK bought shares of Tempus AI Inc (TEM). ARKG sold shares of Ionis Pharmaceuticals Inc. (IONS).
• ARKG also bought shares of Personalis Inc (PSNL).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal