Cathie Wood's Tech Rotation: Amazon Mega-Buy While Tesla, Reddit And Palantir Get Axed

On Thursday, Cathie Wood-led Ark Invest made significant trades, with Palantir Technologies Inc. (NYSE:PLTR), Tesla Inc. (NASDAQ:TSLA), Reddit Inc. (NYSE:RDDT), and Amazon.com, Inc (NASDAQ:AMZN) taking center stage.

The Palantir Trade

Ark Invest’s move to sell Palantir shares comes amid a tumultuous day for the company. Palantir’s shares experienced a rollercoaster ride, initially dipping due to a downgrade from Jefferies, only to bounce back following an announced partnership with Amazon Web Services (AWS) and Anthropic.

Despite Jefferies analyst Brent Thill downgrading Palantir from a Hold rating to an Underperform rating due to valuation concerns, the company’s stock has seen a surge of over 220% since the start of the year. This includes a 30% increase in just the past week, largely driven by strong quarterly results fueled by “unrelenting” AI demand.

Ark offloaded 264,513 Palantir shares on Thursday through its ARK Innovation ETF (NYSE:ARKK) and Ark Fintech Innovation ETF (NYSE:ARKF) funds, with the transaction valued at $14.8 million based on a closing share price of $55.88.

The Tesla Trade

Ark sold 85,019 shares of Elon Musk-led Tesla Inc (NASDAQ:TSLA). Wood has been on a Tesla share-selling ...

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