Cathie Wood leads the fund Ark Invest and is one of the most listened to gurus in the markets. In recent days a series of movements in her portfolio, with stocks such as Tesla and Palantir Technologies Inc.
Ark Invest sold a significant amount of Tesla shares and instead bought shares of Palantir Technologies Inc., a private American software and services company specializing in big data analysis.
Cathie Wood’s portfolio reduced its Tesla holdings in two of its ETFs: the ARK Innovation ETF and the ARK Next Generation Internet ETF.
The firm sold 56,425 and 6,442 shares respectively, valued at $14.54 million. On Tuesday, Tesla shares closed 10.2% higher at $231.26, boosted by the company’s second-quarter deliveries report. The numbers beat the consensus estimate.
Cathie Wood had previously said that Tesla is the “biggest artificial intelligence project” in the world and that is why she bet and recommended the carmaker’s shares. However, she has now withdrawn her positions.
Ark Invest has set a new price target for Tesla of $2,600 by 2029, largely focused on the company’s autonomous vehicle ambitions.
Meanwhile, he bought 37,053 shares of Palantir worth $957,078. This investment comes at a time when the artificial intelligence (AI) sector is gaining momentum.
Dan Ivesof Wedbush Securities, rated Palantir shares as the “Messi of the IA thesis”He cited recent field checks suggesting the company’s data analytics and AI platform is becoming essential for U.S. businesses.
In a note shared by Wedbush, analysts led by Ives also said that Palantir is an “undiscovered gem” in the AI revolution.
“With a robust product portfolio combined with AI, we expect PLTR to capture a significant share of what we believe to be a $1 trillion total global AI addressable market as enterprise and government ecosystems rush to deploy useful platforms to automate complex workflows,” the note said.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
