Cathie Wood's Ark Invest Hoards Palantir Stock Ahead Of Q1 Earnings, Adds More Of This Buffett-Backed EV Bet, Buys Meta, Roku Earnings Dip

Shanthi Rexaline

April 27, 2024

On Friday, Cathie Wood-led Ark Invest did a flurry of trades involving some of its key portfolio stocks, notably adding a big chunk of shares of AI-levered Palantir Technologies, Inc. (NYSE:PLTR).

AI Pickings: Ark, through its ARK Autonomous Technology & Robotics ETF (CBOE: ARKQ), bought 100,344 shares of Palantir, valued at $2.26 billion. This was in addition to the 45,229 shares, worth $981,923, it acquired on Thursday.

Palantir is scheduled to report its first-quarter results on May 5. Analysts, on average, expect the company to report earnings per share of 8 cents per share on revenue of $625.33 million, according to Benzinga Pro data. This represents an increase from fourth-quarter numbers of 5 cents per share and $525.19 million, respectively.

Ark also accumulated Meta Platforms, Inc. (NASDAQ:META) shares in two sessions following the social media giant’s quarterly earnings announcement.

The Meta stock ended 10.56% lower on Thursday, reacting to its soft second-quarter revenue guidance and commentary regarding intensive investment in AI. Ark, via its Ark Innovation ETF (NYSE:ARKK), ARK Next Generation Internet ETF (NYSE:ARKW) and ARK Fintech Innovation ETF (NYSE:ARKF) added 27,961 Meta shares on Thursday worth $12.34 million.

Ark went on a Meta buying spree yet again on Friday despite the stock recovering and closing 0.43% higher. The firm bought 13,494 Meta shares valued at $5.98 million.

See Also: Best ETFs To Buy Right Now

Bargain Hunting In Roku: Streaming equipment maker Roku, Inc.’s (NASDAQ:ROKU) shares fell 10.28% on Friday despite its quarterly beat. Investors apparently did not take kindly to the management hinting at difficult comparisons in the coming quarters.

Undeterred by the sell-off, Ark added a whopping 715,644 Roku shares, valued at $40.33 million, on Friday.

An EV Buy: Ark, which supported Tesla amid its stock slump prior to its earnings, shifted allegiance to another electric-vehicle maker this week.

Through ARKQ, Ark bought 2,800 shares of BYD Co. Ltd. (OTC:BYDDY) (OTC:BYDDF) worth $146,132 on Thursday. It followed up with the purchase of another 28,434 shares, valued at $1.54 million, on Friday.

Billionaire investor Warren Buffett’s Berkshire has a stake in BYD, which wrested the global battery EV crown from Tesla in the fourth quarter of 2023 but has since ceded it back to the U.S. EV giant. BYD now accounts for about 1% of ARKQ’s portfolio by weighting.

Ark’s flagship exchange-traded fund, the ARKK, closed Friday’s session up 1.05% at $44.07, according to Benzinga Pro data.

Read Next: Elon Musk Echoes Cathie Wood, Wants Tesla To Be Seen As An AI Or Robotics Company: ‘If You Value Tesla As Just An Auto Companyâ€¦Wrong Framework’

Photo: Shutterstock

Recommended

Mysterious Gold Leverage Just Announced - Ad

Prescient CEO Makes Shocking New Prediction - Ad

This Is Where the World's Richest Men Are Putting Their Money - Ad

Popular

K-pop fans around globe rally for climate and environment goals

JAKARTA, Indonesia (AP) —

Top 3 Materials Stocks You May Want To Dump In May

Three stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

"America's No. 1 Retirement Stock" (Name Inside)

"America's No. 1 Retirement Stock" (Name Inside) - Ad

According to the former Goldman Sachs VP -- who wrote a best-selling book on retirement -- one single stock stands head-and-shoulders above all others. And it should be the cornerstone of your portfolio. Have you heard of it?

As Melinda French Gates leaves the Gates Foundation, many hope she'll double down on gender equity

NEW YORK (AP) — Melinda French Gates is already one of the biggest philanthropic supporters of gender equity in the United States and is now poised to put another $12.5 billion toward intractable problems like closing the gender pay gap and increasing women's political participation, her grantees hope.

New US tariffs on Chinese electric vehicles, batteries and solar cells could raise consumer prices

WASHINGTON (AP) — New tariffs on Chinese electric vehicles and batteries, solar cells, medical equipment and other goods are . They could raise prices on certain specific items, experts say, though a broad inflationary impact is unlikely in the short term.

Elon's New A.I. Device is About to Shock the World

Elon's New A.I. Device is About to Shock the World - Ad

Using this device you see... Elon Musk just tested a new type of A.I. that according to Wired Magazine will usher in... "The next step in human evolution."

Biden Targets Chinese Imports With Huge Tariff Hikes Ahead of Election

The Biden administration unveils targeted tariffs on Chinese goods, including electric vehicles and semiconductors, to safeguard American jobs. Lael Brainard stresses the move's necessity to counter China's unfair trade practices and bolster domestic industries. With tariffs affecting $18 billion worth of imports, strategic sectors like aluminum, steel, and critical minerals are prioritized, aligning with key legislative goals.

Roaring Kitty is back and so are meme stocks, GameStop surges 40%

The man at the center of the pandemic meme stock craze returned to the social platform X for the first time in three years and sent prices of some of those stocks surging overnight.

America Just Hit a Grim Milestone

America Just Hit a Grim Milestone - Ad

Nearly half of U.S. households currently hold no retirement savings. Retirement expert Dr. David Eifrig says what happens next will separate a small number of winners from a very large number of losers. Learn how to protect yourself and your money with his four simple steps that he shares right here.

Biden hiking tariffs on Chinese EVs, solar cells, steel, aluminum â€” adding to tensions with Beijing

WASHINGTON (AP) — The Biden administration announced on Chinese electric vehicles, advanced batteries, solar cells, steel, aluminum and medical equipment — an election-year move that's likely to increase friction between the world's two largest economies.

Elon Musk Gives One-Word Response To Joe Biden's Dig At Donald Trump At White House Correspondents' Dinner

Elon Musk reacted to President Joe Biden's recent comments at the White House correspondents' dinner with a one-word response that sparked some discussion on social media.

The No. 1 Crypto for 2024

The No. 1 Crypto for 2024 - Ad

We're entering the final crypto bull run, and 2024 will be your last chance to ever get rich from crypto. These five tiny cryptos are believed to create generational wealth over the next 12 months. $30 trillion is poised to funnel into the crypto markets thanks to a new government regulation just signed.

Meme stocks are roaring again. This time may be different

NEW YORK (AP) — are once again. That shouldn't be much of a surprise.

Trump Vs. Biden: 2024 Election Poll Shows Tie Broken -- Which Candidate Gains Support From His Party, Independent Voters?

A new 2024 election poll shows a close race between Donald Trump and Joe Biden. One candidate gained ground with their party and Independent voters.

Elon Musk Humiliated

Elon Musk Humiliated - Ad

Since Jeff Bezos and Elon Musk first met in 2004 -- they've been involved in a bitter feud... from rockets, to electric vehicles to who's the world richest person...for going on two decades these two have been at each others throats... But what happened on December 31st 2021 just took this rivalry to a new level and humiliated Elon Musk.

OpenAI launches GPTo, improving ChatGPT's text, visual and audio capabilities

SAN FRANCISCO (AP) — OpenAI's latest update to its artificial intelligence model can mimic human cadences in its verbal responses and can even try to detect people's moods.

Curaleaf Reports Q1 2024 Revenue Of $339M, 48% Gross Margin Amid Strategic Global Expansion

Curaleaf Holdings, Inc. (OTC: CURLF), a leading international cannabis company, reported its financial results for the first quarter of 2024.

What the Election Means for AI Stocks

What the Election Means for AI Stocks - Ad

If you think AI stocks are hot right now, just wait until after the election. I believe the next president's first move could launch a second wave of AI winners.

Czech power company CEZ reports net profit of $592 million in Q1, up by a quarter year-on-year

PRAGUE (AP) — The Czech power company CEZ said Tuesday its net profit in the first quarter of the year reached 13.6 billion Czech crowns ($592 million), 2.7 billion up compared with the same period of the previous year.

US investigating Waymo autonomous vehicles after reports of crashes or possible traffic violations

DETROIT (AP) — The U.S. government's highway safety agency has opened another investigation of automated driving systems, this time into crashes involving Waymo's self-driving vehicles.

No. 1 Clean Energy Stock Pick for 2024? (Hint: Uranium)

No. 1 Clean Energy Stock Pick for 2024? (Hint: Uranium) - Ad

During December 2023, the USA, France, UK, and Canada pledged to TRIPLE their nuclear capacity. Rocketing Uranium prices 74% in less than 6 months.

Bill Gates Shares Heartwarming Scuba Diving Photo With Daughter On Her 28th Birthday: 'I'm In Awe Of How You Dive Headfirst Into Everything.'

Bill Gates and Melinda French Gates each shared heartfelt social media posts to celebrate their daughter Jennifer's 28th birthday, highlighting her achievements as a mother, medical student, and equestrian.

Cave-in leaves 3 miners missing and 11 injured at a coal mine in Poland

WARSAW, Poland (AP) — A cave-in at the Myslowice-Wesola coal mine in southern Poland early Tuesday left three miners missing and 11 hospitalized with some injuries, mining authorities said Tuesday.

Could Elon Musk's New Device Save Us from A.I. Apocalypse?

Could Elon Musk's New Device Save Us from A.I. Apocalypse? - Ad

A strange new era for mankind is upon us... And it's all thanks to Elon Musk's latest creation. So he invented this strange new device to protect us against that A.I. threat. See this strange device you could be wearing some day.

Wholesale price increases accelerated in April as inflation remains sticky

WASHINGTON (AP) — U.S. wholesale prices rose sharply last month, a sign that inflation pressures remain stubbornly high after three elevated readings in consumer prices to start the year.

Here's How Much A Super Bowl LIX Commercial Will Cost, How Fox Corporation Stock Could Benefit

Super Bowl LIX is months away, but it's already time to talk about the commercials with a high price tag already reported.

Could Elon's New Device be Bigger than the iPhone?

Could Elon's New Device be Bigger than the iPhone? - Ad

According to 30-year Silicon Valley and Wall Street veteran, Eric Fry... A man who picked 41 plays that jumped 1,000%+... This mind-blowing new technology could be bigger than the iPhone. And it could make a lot of people wealthy in the coming months and years.

Elon Musk Shares Who He'd Want To Spend His Last Moments With In Response To Warren Buffett's Advice

Over the weekend, Elon Musk agreed with a sentiment shared by investment titan Warren Buffett about the importance of spending time with loved ones, despite their contrasting investment philosophies.

Amid Latest Indictments, Former Trump Aide Slams Ex-President Over Treatment Of 'Bodies Around Him': 'He Takes Out Everybody Who Is Loyal To Him'

Cassidy Hutchinson, a former aide to Donald Trump, publicly expressed her disapproval of the ex-president following the recent indictments of his associates in the Arizona fake electors scheme.

Is This Nvidia's Secret Weapon?

Is This Nvidia's Secret Weapon? - Ad

You've likely heard about Nvidia's incredible success in AI. But without this startup's technology, Nvidia's groundbreaking AI chips simply wouldn't be possible. It's still flying under the radar. That could change very soon with a major announcement on the horizon.

Elon Musk Causes Stir With Response To Professor's Ominous Prediction Of Civil War 'Coming To The West'

Elon Musk raised eyebrows with his recent tweet affirming a prediction of a civil war in the West.

Here are the locations that Red Lobster is closing in the US

says it is closing nearly 50 of its restaurants in the U.S. The locations span across more than 20 states — cutting back on Red Lobster’s presence in Denver, San Antonio, Indianapolis and Sacramento. Red Lobster has been struggling for some time. With lease and labor costs piling up in recent years, the chain is now considering filing for bankruptcy.

PASSIVE INCOME (by this evening)

PASSIVE INCOME (by this evening) - Ad

Hey, I have an unique opportunity for those looking for additional ways to earn income right now. It can be done from home. You can do it in your spare time. And it only takes 6 clicks and as little as $50.

Top 4 Health Care Stocks Which Could Rescue Your Portfolio This Month

The most oversold stocks in the health care sector presents an opportunity to buy into undervalued companies.

Katy Perry and Rihanna didn't attend the Met Gala. But AI-generated images still fooled fans

NEW YORK (AP) — No, and didn't attend the this year. But that didn't stop AI-generated images from tricking some fans into thinking the stars made appearances on the steps of fashion's biggest night.

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear

Jeff Bezos' and Elon Musk's Feud Just Went Nuclear - Ad

Cathie Wood's Ark Invest Snaps Up $3.54M Worth Of Shares In This Biopharma Company Following Positive Obesity Pipeline Update

As the demand for obesity drugs continues to surge, biopharma companies are eagerly seizing the opportunity to capitalize on the trend.

Ken Griffin Calls Campus Protests 'Performative Art,' Urges To Uphold 'Western Values:' 'We're Not Actually Helping Palestinians Or Israelis'

Griffin, a major donor to his alma mater Harvard University, voiced his concerns over what he perceives as a "cultural revolution" in U.S. education.

One Crypto Can Change Your Financial Life

One Crypto Can Change Your Financial Life - Ad

The catch is you won't be able to become a millionaire by buying Bitcoin today. There are five little-known coins I've discovered that I believe will skyrocket over the course of the next few months.

Shopify tumbles on weak outlook after a very strong start to 2024

Shopify plunged Wednesday after the Canadian company that helps retailers with online sales warned of easing revenue growth and thinner margins in the current quarter.

Trending Now