Cathie Wood’s Ark Invest went on yet another buying spree on Friday with stocks taking a major limelight. The firm’s top picks for the day resided in Meta (META) and Palantir (PLTR). Both these stock buys align with Ark’s overall buying strategy.
On Friday, Ark continued its Meta buying binge even though the stock bounced back and ended the day 0.43% higher. The company purchased 13,494 shares of Meta for $5.98 million.
Ark also purchased shares of Meta Platforms, Inc. (NASDAQ: META) in two sessions after the social networking behemoth revealed its quarterly financial results.
In response to its cautious sales outlook for the second quarter and remarks about significant investment in artificial intelligence, the Meta stock finished 10.56% lower on Thursday. On Thursday, Ark added 27,961 Meta shares valued at $12.34 million through its Ark Innovation ETF (NYSE: ARKK), ARK Next Generation Internet ETF (NYSE: ARKW), and ARK Fintech Innovation ETF (NYSE: ARKF)
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The Ark Invest made a number of trades on Friday involving some of the major stocks in its portfolio, most notably adding a sizable number of shares of AI-levered Palantir Technologies, Inc. On May 5, Palantir is expected to release its first-quarter financial results. Based on $625.33 million in revenue, analysts anticipate the business to report profits per share of 8 cents on average, according to Benzinga Pro data. Compared to the fourth quarter’s results of $525.19 million and 5 cents per share, respectively, this indicates a rise.
A few days back, Ark Invest bought Tesla shares amid an EV stock buy. ARK’s strategy is aligned with this substantial acquisition of the market leader in electric vehicles, demonstrating a strong belief in the company’s potential for future growth.
In the past, Ark purchased Elon Musk’s Tesla (TSLA) shares after they had dropped more than 10% as a result of arguments with OpenAI. The money raised was then used to raise awareness of the business. At that time, ARKQ purchased 5.684 shares of TSLA, ARKK purchased 61,073 shares, and ARKW purchased 13,199 shares.
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