Palantir Technologies (PLTR) shares got a jolt after fund manager Cathie Wood said her exchange-traded funds bought a combined 2.65 million shares of the data-analytics company's stock.
Shares of the Denver company at last check were up 1.1% at $23.85. They've traded on Thursday up as much as 8.4% at $25.56. And they have slumped from a life high $45 set in late January. Palantir went public at the end of September.
Based on Wednesday’s closing price of Palantir, Wood’s purchases were valued at about $62.5 million.
Woods disclosed last month that her exchange-traded funds bought more than 6 million shares of the company.
At that time, Ark Innovation acquired 5.2 million shares while Ark Next Generation Internet purchased another 1.56 million shares.
The funds bought a total of 6.8 million shares valued at about $172 million, buying the dip after the company's stock declined.
Palantir has also been one of the preferred stocks of the infamous Reddit retail investor crowd.
"Invested $300K in PLTR! Strong fundamentals plus Reddit push. I’m all in for PLTR," one Reddit poster declared Wednesday.
"They have been around forever and still aren’t profitable," another said. "The bull market is done. PLTR will now be fairly valued at around 14$. Minus random pump and dumps by manipulators."
Recent Securities and Exchange Commission filings showed that top executives sold more than 2.2 million shares of the data analytics company starting Feb. 18.
TheStreet.com Founder Jim Cramer recently said Wood's investment decisions seem "arbitrary and capricious."
"When you look at what she's doing, it's fun," Cramer said. "But it's not investing....it's sightseeing."
Palantir in February posted a wider-than-expected fourth-quarter loss. Sales topped forecasts amid a host of government and private business contracts.
Revenue was $322 million, up 40% from $229.3 million a year earlier and ahead of analysts’ forecasts of $300 million.