Investors will be keeping an eye on Palantir Technologies (NYSE:PLTR) stock today after ARK Invest’s Cathie Wood doubled down on the software maker.
Wood’s ARK Innovation ETF (NYSEARCA:ARKK) reportedly bought 1,514,080 shares of Palantir, worth about $33 million at yesterday’s closing price. According to the fund’s filing dated today, it now holds 16,190,220 shares valued at $350.4 million. PLTR stock is the exchange-trade fund’s 19th-biggest holding.
The ETF’s purchase comes as Palantir took a big step in expanding its footprint in the private and public health sectors. The company announced the hiring of Dr. William J. Kassler, MD, MPH, as its first U.S. Government Chief Medical Officer, from International Business Machine’s (NYSE:IBM)Watson Health unit.
PLTR has grown its healthcare business, and in recent months, made key senior hires with deep domain expertise in life sciences, pharmaceuticals and public health. Palantir also announced a multi-year strategic partnership with Celularity, a clinical-stage biotech firm. No financial details of that tie-in were disclosed.
Not Much Love for PLTR Stock
Whatever ARK’s Cathie Wood thinks of PLTR stock, the shares has fallen out of favor among InvestorPlace writers.
Earlier this week, Larry Ramer wrote that “it’s time to dump” the shares, after signs of the firm’s “lack of strength in the commercial sector are emerging, while the recent deals announced by the company have not been very impressive.” Meanwhile, Josh Enomoto sees insider selling at Palantir as “just one of the many reasons to dump Palantir stock.”
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, including previous stints with Bloomberg News, McKinsey & Co. and McDonald & Company Investments.