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What's Going On With Palantir's Stock?
Palantir Technologies, Inc. (NYSE:PLTR) shares are moving Thursday. The stock dipped following the company's first-quarter earnings report released on Monday.
The Details:
Palantir shares have dipped nearly 5% over the past five days and Ark Invest, led by Cathie Wood, has been buying the dip.
Ark Invest's ETFs Ark Fintech Innovation ETF (NYSE:ARKF), ARK Innovation ETF (NYSE:ARKK), ARK Autonomous Technology & Robotics ETF (BATS:ARKQ), and ARK Space Exploration & Innovation ETF (BATS:ARKX) purchased a combined total of 1,353,667 shares of Palantir for approximately $29 million on Tuesday.
Palantir's first-quarter revenue increased 21% year-over-year to $634 million, beating the consensus estimate. However, the stock tumbled as investors reacted negatively to the company’s light guidance for the second quarter and the full year.
CNBC's Jim Cramer said he