This post was originally published on this site
Investing.com — Palantir Technologies Inc (NYSE:PLTR) jumped 16% on Friday after word that a prominent investor amassed an even bigger stake.
Cathie Wood’s ARK Investment bought 5.3 million shares on Thursday as the stock fell after a lockup expiration. The shares were bought through the ARK Innovation ETF (NYSE:ARKK), according to StreetInsider. Earlier this week, her ARK Next Generation Internet ETF (NYSE:ARKW) fund bought 1.6 million shares of Palantir, upping its holdings to 4 million shares, StreetInsider said.
Palantir said earlier this week revenue would grow 45% in the current quarter. In the last quarter, venue surged by 40%, to $322 million, beating expectations of $300.7 million.
Goldman Sachs (NYSE:GS) upgraded the stock to a buy from neutral earlier this week, with a $34 price target. That implies another 29% gain from its current price.
