Well-known investor Cathie Wood of Ark Invest bought Palantir (NYSE:PLTR) stock on weakness yesterday as the tech name fell alongside the entire market. In fact, three of Wood’s Ark exchange-traded funds (ETFs) added significant amounts of the data analytics firm’s shares amid the pullback.
Yesterday, the Ark Fintech Innovation ETF (NYSEARCA:ARKF) bought 150,508 shares of PLTR stock. Meanwhile, the Ark Innovation ETF (NYSEARCA:ARKK) fund acquired 744,961 shares of the company. Lastly, the Ark Next Generation Internet ETF (NYSEARCA:ARKW) snapped up 134,463 shares. Cumulatively, the shares of PLTR acquired by these funds was worth $14.9 million as of yesterday’s market close.
Two Analysts Have Differing Views on PLTR Stock
Wedbush analyst Dan Inves is very upbeat on Palantir’s artificial intelligence (AI) initiatives. Ives predicts that the firm will obtain a meaningful amount of the “$1 trillion global AI market,” according to Benzinga.
Additionally, Ives said he was “impressed” by the high number of sectors represented at Palantir’s customer conference, “ranging [from] financial services [to] healthcare, transportation, logistics, manufacturing, software and the overall services industry.”
Monness, Crespi, Hardt analyst Brian White was more cautious about PLTR stock last month. According to White, Palantir is one of multiple companies using AI as a “mantra […] to pacify the market during these challenging times.”
The analyst added that Palantir’s commercial business could be hurt by negative macro trends and the adverse “timing of closing deals” in the government space. White maintained a “neutral” rating on shares of Palantir.
Why It Matters
PLTR stock has dropped 2% in the past one month but has climbed more than 120% so far this year. On Tipranks, a consensus of 15 analysts gives Palantir a hold rating. Shares also earn a consensus price target of $13.88, implying about 3.5% downside potential.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
