Cathie Wood-led Ark Invest on Thursday increased the exposure in Palantir Technologies Inc (NYSE:PLTR) as the shares of the data analytics firm soared amid strong customer growth in its U.S. commercial business reported for the second quarter.
The popular money managing firm snapped up 5.6 million shares — estimated to be worth about $139.44 million — in Palantir.
Palantir said on Thursday it now expects 2021 adjusted free cash flow to be over $300 million. This is twice the previous estimate of $150 million.
The New York-based investment firm deployed all six of its active exchange traded funds to buy shares in Palantir, four of which made a debut in picking new positions in the stock.
See Also: Cathie Wood Sells $18.7M In Palantir
Ahead of Thursday’s trades, Ark Invest held positions in Palantir via two of its active exchange traded funds, namely, the Ark Next Generation Internet ETF (NYSE:ARKW) and the Ark Innovation ETF (NYSE:ARKK).
Ark Fintech Innovation ETF (NYSE:ARKF), Ark Genomic Revolution ETF (BATS:ARKG), Ark Autonomous Technology & Robotics ETF (BATS:ARKQ), and the Ark Space Exploration & Innovation ETF (BATS:ARKX) also have exposure to Palantir.
Together, ARKK and ARKW, held 26.47 million shares, worth $591.65 million in Palantir, ahead of Thursday’s trades.
Palantir shares, which were down about 5% in 2021 through Wednesday’s close, soared to close 11.4% higher at $24.89 on Thursday.
Ark Invest shed 8,062 shares — estimated to be worth about $1.55 million — in the U.S.-listed Alibaba Group Holding Ltd. (NYSE:BABA).
The investment management firm trimmed its exposure in Alibaba via ARKX on Wednesday but also holds stakes in BABA via ARKQ and ARKF.
The three ETFs held a total of 328,582 shares, worth $64.03 million, in Alibaba ahead of Thursday’s trades.
Alibaba shares closed 1.64% lower at $191.66 on Thursday.
See Also: Netflix, Draftkings, Docusign, Twitter, Etsy — Stocks Cathie Wood's Ark Bought Or Sold Wednesday
Wood’s firm reduced its position in Square Inc (NYSE:SQ) as Ark Invest shed 128,880 shares, estimated to be worth about $34.6 million.
SQ shares closed 0.92% lower at $268.59 on Thursday.
Ark Invest deployed ARKK to sell Square shares on Thursday and also holds positions in the stock via ARKW and ARKF. The three ETFs held about 6.3 million shares, worth $1.71 billion, in Square ahead of Thursday’s trade.
Ark Invest held over 7 million shares, worth $1.74 billion in Square just before it announced it had agreed to purchase buy-now, pay-later company Afterpay in an all-stock deal valued at $29 billion.
The investment firm also sold 252,465 shares — estimated to be worth about $16.39 million million — in Twitter Inc (NYSE:TWTR) via ARKK.
ARKW too holds a position in the stock and together the two ETFs held 12.6 million, worth $825.36, in the Jack Dorsey-led social media company Twitter ahead of Thursday’s trades..
Twitter shares closed 0.78% lower at $64.95 on Thursday.
The popular asset manager also snapped up 55,100 shares - estimated to be worth about $3 million - in DraftKings Inc (NASDAQ:DKNG) via ARKF.
DraftKings shares closed 4.66% higher at $54.61 on Thursday.
Ark Invest investment also owns DraftKings shares via ARKW and ARKK and the three active ETFs held 13.8 million shares, worth $722.17 million, in DraftKings, as of Thursday’s trades.
Some of the other key Ark buys on Wednesday included Tusimple Holdings Inc (NASDAQ:TSP) and sells included Base Inc (OTC:BAINF) .