Cathie Wood's Thursday Moves: Dumps Buzzing Stocks Tesla And Palantir

Shivdeep Dhaliwal

December 19, 2024

On Thursday, Cathie Wood-led Ark Invest made some significant trades, notably selling off Tesla Inc. (NASDAQ:TSLA) and Palantir Technologies Inc. (NASDAQ:PLTR) stock.

The Tesla Trade

The ARK Innovation ETF (NYSE:ARKK) reduced its holdings in Tesla Inc. by selling 14,016 shares. This move comes amidst a month where Tesla’s stock has been on a remarkable upswing, reaching new highs. The Elon Musk-led company’s stock has risen over 26% in December.

The shares were sold at a closing price of $436.17, totaling approximately $6.1 million in value. This decision follows a previous sale of Tesla shares by Ark Invest on Wednesday when the firm sold another $9.06 million worth of stock. These sales took place not long after Musk expressed optimism that the stock could touch the $690 mark.

The Palantir Trade

On the same day, Ark Invest sold Palantir stock. The firm sold 33,402 shares of the Alex Karp-led company through ARKK. The transaction was valued at $2.5 million with shares closing at $74.21 on Thursday.

This decision comes on the heels of Palantir’s recent announcement of a $400.7 million contract extension with the U.S. Army, with a total potential ceiling of $618.9 million. The agreement aims to operationalize data across the entire Department of the Army, enabling broader integration of data and AI capabilities. Despite the company’s stock climbing 350% year-to-date and nearly 18% in December, company insiders have been selling off shares.

Other Key Trades:

ARKG and ARKK bought shares of Tempus AI Inc (TEM). ARKG sold shares of Ionis Pharmaceuticals Inc. (IONS).
ARKG also bought shares of Personalis Inc (PSNL).

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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal

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