ARK Invest buys this week have some stocks taking off as the private investment firm picks up shares on the stock market dip.
The private investment firm ran by Cathie Wood singled out two stocks, in particular, this week to grab extra shares of. The first is Zoom Media (NASDAQ:ZM), which it acquired 255,621 shares of on Wednesday.
ARK Invest’s decision to pick up shares of ZM stock comes after the company posted earnings for the fourth quarter of 2020 on Monday. A strong outlook pushed the stock higher and is likely the main reason for the investment from ARK Invest.
Next up is Palantir Technologies (NYSE:PLTR). It was revealed on Thursday that ARK Invest picked up an additional 2.6 million shares of PLTR stock. That might be from executives selling off shares. The lockup period ended with the release of its Q4 earnings report midway through February.
It’s worth noting that this isn’t the only time this week that ARK Invest has acquired shares of PLTR stock. News broke on Monday of the investment firm acquiring 3,365,400 shares of the company’s stock after markets closed on Friday.
ARK Invest is a private investment firm managed by Cathie Wood that operates several ETFs. That includes ARK Genomic Revolution ETF (NYSEARCA:ARKG) and ARK Autonomous Robot & Technology ETF (NYSEARCA:ARKQ).
Investors that want to learn more about what ARK Invest and its ETFs have been up to of late can check out the following content from InvestorPlace.
- Ark Invest Funds: Why ARKG, ARKF, ARKQ and the ARKK ETF Are Stumbling
- Watch Out, SpaceX! Blue Origin Threatens Space Stocks as Bezos Renews Focus
- Stock Market Movers & Shakers: 5 Big Names in Business Ready to Move Stocks
- 3 Space Stocks Rocketing Higher on Ark’s Space Ambitions
- Space SPACs: Why SRAC, NPA and VGAC Are on the Move Today
ZM stock was up almost 1% and PLTR stock was up 4.7% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.