Wash, rinse and repeat.
Cathie Wood, chief government of Ark Investment Management, bought shares of Palantir Technologies (PLTR) – Get Free Report Thursday for the third day in a row.
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Ark funds purchased 286,704 shares of Palantir valued at $3.4 million as of Thursday’s shut.
The firm’s flagship product is Palantir Gotham, designed to be used by intelligence companies and authorities organizations. Palantir has drawn criticism for working with authorities companies concerned in surveillance and immigration enforcement within the U.S. and overseas.
Palantir inventory has skyrocketed 58% since May 5 on a powerful earnings report. It has climbed 82% yr to this point and 46% over the final 12 months. Palantir is the twenty third largest holding in Wood’s flagship Ark Innovation ETF (ARKK) – Get Free Report, rising a spot since Wednesday.
Ark Sold Exact Sciences, Shopify
Also Thursday, Ark Innovation unloaded 141,915 shares of Exact Sciences (EXAS) – Get Free Report, valued at $11.5 million as of that day’s shut. The firm is a medical diagnostics supplier well-known for its Cologuard at-home colon most cancers check.
The inventory has ascended 68% to this point in 2023, buoyed by sturdy earnings, and 54% over the past 12 months. Ark has offered greater than 4 million shares of Exact Sciences since Jan. 1. But it’s nonetheless the sixth largest holding in Ark Innovation.
Finally Thursday, Ark funds unloaded 25,557 shares of e-commerce host Shopify (SHOP) – Get Free Report, valued at $1.6 million. Shopify is the eighth largest place in Ark Innovation.
The firm’s inventory has soared 30% since May 3, after it introduced a sale of most of its logistics enterprise and it laid off 20% of its workforce. Shopify dumped the logistics stake to deal with its core e-commerce platform enterprise.
Its inventory has jumped 73% yr to this point and 67% over the previous 12 months.
Wood’s Lagging Returns
Meanwhile, Wood’s efficiency hasn’t precisely lit the funding world on fireplace over the previous couple years, as her younger know-how shares have slumped. Ark Innovation has descended 76% from its February 2021 peak.
Nonetheless, the fund has bounced again 24% thus far this yr, as tech shares have rebounded typically.
Mama Cathie, as Wood is understood to her followers, defends her technique by noting that she has a five-year funding horizon. But the five-year annualized return of $7.4 billion-asset Ark Innovation was damaging 0.44% by May 18, in contrast with constructive 11.05% for the S&P 500.
The fund’s efficiency additionally doesn’t come near Wood’s objective for annualized returns of 15% over five-year durations.
Ark Innovation loved a web funding influx of $28 million in the course of the 5 days by May 18, however suffered a $444 million outflow over the past yr, in line with ETF analysis agency VettaFi.