TLDR
- ARK Invest sold 139,456 Palantir shares worth roughly $26 million on August 31
- The sale is part of a pattern, following a $27M+ Palantir sale on August 21
- ARK bought $38.1 million of Block and $12.8 million of Rocket Lab with the proceeds
- Palantir shares have risen 48.3% since its Q2 results on August 3
- Analysts give Palantir a Moderate Buy rating with an average price target of $197.89
Cathie Wood’s ARK Invest has been steadily trimming its Palantir position while moving money into Block and Rocket Lab. The latest trade, made on August 31, saw ARK sell 139,456 Palantir shares worth around $26 million.
Palantir Technologies Inc., PLTR
This was not a one-off move. ARK had already sold more than $27 million of Palantir shares on August 21, along with other sales earlier in August. The pattern points to a deliberate shift rather than a single rebalancing decision.
The timing follows a sharp run-up in Palantir’s stock. Shares have climbed 48.3% since the company reported its second quarter results on August 3, and ARK appears to be locking in gains from that rally.
Where the Money Went
ARK used the proceeds to buy into two other names. The firm purchased 456,059 shares of Block worth $38.1 million and 200,303 shares of Rocket Lab worth $12.8 million.
The moves signal Wood is leaning toward fintech and commercial space, sectors where she appears to see more upside at current valuations.
ARK also sold around $4 million of Advanced Micro Devices, $12.3 million of Shopify, and roughly $10.9 million of Tempus AI as part of the same rotation.
Rocket Lab reported record revenue of $234.1 million for the second quarter, up 62% year over year, though it posted a loss of $0.08 per share, which came in wider than expected.
Block’s purchase reflects ARK’s continued conviction in fintech and digital assets.
Palantir Still Holds a Place in ARK’s Portfolio
ARK has not walked away from Palantir entirely. The stock remains the 10th-largest holding in the ARK Innovation ETF, carrying a 3% weight.
Palantir reported $1.94 billion in revenue for Q2, beating analyst expectations of $1.80 billion. Adjusted earnings of $0.41 per share also topped the consensus estimate of $0.35.
Despite the strong results, analysts on TipRanks give Palantir a Moderate Buy rating, based on 17 Buy ratings, four Holds, and two Sells.
The average price target stands at $197.89, implying roughly 6.2% upside from current levels near $186.38.
That modest upside gap suggests much of Palantir’s growth story may already be reflected in the stock price, which could explain why ARK is trimming rather than adding.
The key question for investors is whether ARK continues to reduce its Palantir position if the stock holds near recent highs.
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