Palantir stock shoots higher after Cathie Wood’s ARK discloses recent purchase of 1.26 million shares

Shares of Palantir Technologies Inc.
PLTR,
+14.54%
were rallying 13% in afternoon trading after Cathie Wood’s Ark Investment disclosed the purchase of 1.26 million shares Wednesday across several of its funds. The Ark Innovation ETF
ARKK,
+1.40%
added 912,193 shares of Palantir Wednesday, while the Ark Fintech Innovation ETF
ARKF,
+1.23%
added 201,697 shares. The Ark Next Generation Internet ETF
ARKW,
+1.58%
added 149,306 shares. The combined value of the purchases was just under $13 million based on Wednesday’s closing price of $8.24. Palantir shares, trading at $11.66 in Thursday afternoon action, were on track to close at their highest level since April 25, 2022, when they finished at $12.11.