On Monday, Ark Invest, managed by Cathie Wood, executed significant trades involving Palantir Technologies Inc and Meta Platforms Inc. Ark Invest's ARK Autonomous Technology & Robotics ETF, ARKQ, obtained over 200,000 shares of Palantir, totaling approximately $4.6 million based on the closing price of $22.83. This move precedes Palantir's upcoming Q1 earnings report scheduled for May 5, with analysts anticipating positive earnings per share and revenue growth compared to the previous quarter.
Additionally, Ark Invest demonstrated interest in Meta Platforms by purchasing shares across multiple ETFs. Notably, the Ark Fintech Innovation ETF ARKF fund acquired 922 shares, ARK Innovation ETF ARKK bought 5893 shares, and ARK Next Generation Internet ETF ARKW added 3000 shares. This collective purchase, calculated at around $4.2 million based on the closing price of $432.62, follows Meta Platforms' strong first-quarter revenue performance, surpassing expectations with a 27% year-over-year increase. After Meta Platforms' robust financial results, Ark Invest's strategic acquisitions in the company's shares reflect confidence in its future growth potential.
Apart from these trades, Ark Invest also made sales and purchases in other stocks. They sold shares of Teladoc Health Inc (TDOC) from their ARKK fund and shares of 2U Inc (TWOU) from the same fund. Furthermore, the ARKQ fund sold shares of Kratos Defense and Security Solutions Inc (KTOS) and bought shares of Advanced Micro Devices Inc (AMD). These transactions demonstrate Ark Invest's dynamic approach to managing its ETF portfolios, adjusting positions based on market conditions and company performance.