TLDR
- Cathie Wood’s ARK Invest bought 233,482 Rocket Lab shares worth about $16.4 million on October 1.
- ARK sold 20,805 Palantir shares worth roughly $4 million the same day.
- ARK also added shares of BWX Technologies, Intellia Therapeutics, and Veracyte.
- ARK trimmed its stake in Alphabet and sold a small Zillow position.
- Wall Street gives Rocket Lab a Strong Buy rating with 56% upside, while Palantir holds a Moderate Buy rating with 6% upside.
Cathie Wood’s ARK Invest made a series of stock trades on Thursday, October 1. The firm’s daily trading disclosures show large purchases in some companies and sales in others.
ARK bought 233,482 shares of Rocket Lab across three of its funds. The total value of the purchase was about $16.4 million.
At the same time, ARK sold 20,805 shares of Palantir. That sale was worth close to $4 million.
Rocket Lab stock is up about 1% so far this year. Palantir stock has gained around 7% in the same period.
Rocket Lab Adds Launch Contracts and Pursues Satellite Deal
Rocket Lab recently signed its largest commercial agreement for its Electron rocket. The deal adds 20 launches for the Japanese company Synspective.
Synspective now has 47 total missions booked with Rocket Lab. This gives the launch company a clearer view of future work.
Rocket Lab also reported second-quarter revenue of $234 million. That figure was up 62% from the same period last year.
The company is working on a new rocket called Neutron. It is also pursuing a planned acquisition of Iridium Communications.
Analysts covering Rocket Lab are mostly positive. Of 16 analysts, 14 rate the stock a Buy and 2 rate it a Hold.
The average price target for Rocket Lab is $110.07. That would be a 56% increase from current levels.
Palantir Reports Fast Revenue Growth From Business Clients
Palantir’s second-quarter revenue rose 93% from a year earlier, reaching $1.94 billion. Revenue from U.S. business clients rose 149% to $764 million.
The company closed 220 deals worth at least $1 million each during the quarter. This shows continued demand for its software from large organizations.
Palantir has also signed new partnerships. These include deals with Nebius, PwC, and Armada.
Wall Street analysts are still positive on Palantir, though less so than on Rocket Lab. Of 22 analysts, 16 rate the stock a Buy, 4 rate it a Hold, and 2 rate it a Sell.
The average price target for Palantir is $201.74. That is about 6% above its current price.
ARK made other trades that day as well. The firm bought shares of BWX Technologies, a nuclear components company, worth about $13.6 million.
ARK also added to its position in Intellia Therapeutics, a gene-editing company. The purchase was worth close to $5 million.
Veracyte, a genomic diagnostics company, saw ARK buy shares worth over $7.3 million.
On the selling side, ARK reduced its stake in Alphabet by selling 101 shares. It also sold a small position in Zillow worth about $20,000.
These trades are part of ARK’s regular daily disclosures, which the firm publishes for all of its exchange-traded funds.
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