Cathie Wood’s Ark Invest ETFs offloaded Palantir Technologies (PLTR) stock ahead of its Q3 earnings while continuing to trim its Tesla (TSLA) holdings. The details were released in a regulatory filing based on trades made on Friday, November 1. Wood sold 227,699 shares, valued at $9.46 million, of the data analytics firm.
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Ark has been slowly unwinding its stake in Palantir ahead of the company’s earnings due today, November 4. The Street expects Palantir to post adjusted earnings of $0.09 per share on sales of $705.11 million. Wood could be capitalizing on the fresh 52-week high hit by Palantir stock last week. Year-to-date, PLTR shares have gained 152.8%.
Is Palantir a Good Stock to Buy?
Currently, analysts prefer to remain on the sidelines on Palantir stock. On TipRanks, PLTR stock has a Hold consensus rating based on four Buys, seven Holds, and six Sell ratings. The average Palantir Technologies price target of $27.85 implies 33.6% downside potential from current levels.
Is Tesla a Buy, Sell, or Hold?
Wood’s Ark ETFs have been steadily trimming Tesla stock, leveraging the recent post-earnings stock price surge. On Friday, Ark Invest sold 30,597 shares of Tesla, valuing the sale at $7.64 million.
On TipRanks, TSLA stock has a Hold consensus rating based on 11 Buys, 16 Holds, and eight Sell ratings. The average Tesla price target of $207.83 implies 16.5% downside potential from current levels. Meanwhile, TSLA shares have gained 34.8% in the past six months.
Wood’s Other Notable Trades on November 1
Turning toward the buy side, ARK ETFs bought an additional 53,983 Tempus AI (TEM) shares worth $2.41 million. Wood also bought additional shares of Twist Bioscience (TWST) and Beam Therapeutics (BEAM), while selling shares of Moderna (MRNA), Block (SQ), and Veeva Systems (VEEV), among others.
