Cathie Wood Buys Palantir Stock Worth Over $43M – Twilio (NYSE:TWLO), ARK Next Generation Internet ETF (ARCA:ARKW), ARK Innovation ETF (ARCA:ARKK), Palantir Technologies (NYSE:PLTR) – Benzinga

Cathie Wood Buys Palantir Stock Worth Over $43M - Twilio (NYSE:TWLO), ARK Next Generation Internet ETF (ARCA:ARKW), ARK Innovation ETF (ARCA:ARKK), Palantir Technologies (NYSE:PLTR) - Benzinga

Cathie Wood-led ARK Investment Management loaded up a whopping stake in Palantir Technologies Inc PLTR after the company declared strong quarterly earnings and said it expects to remain profitable each quarter through the end of the year.

Funds operated by ARK bought over 4.37 million shares of Palantir at an estimated valuation of over $43 million. The purchase was done through the flagship ARK Innovation ETF ARKK and the ARK Next Generation Internet ETF ARKW.

Palantir’s first-quarter revenue increased 18% year-over-year to $525 million, which beat an average analyst estimate of $505.6 million. The company sees full-year revenue in a range of $2.185 billion to $2.235 billion against an estimate of $2.2 billion.

“And we now anticipate that we will remain profitable each quarter through the end of the year. In addition, for the first time in our history, we earned an operating profit last quarter. We generated $525 million in revenue in the first quarter, a result that surpassed our initial guidance and yet still understates the magnitude of the opportunity in front of us,” CEO Alex Karp said in his letter to shareholders.

The stock jumped over 33% in the last five days and is up over 55% since the beginning of the year.

Major Buy: ARK also bought over 416,000 shares of Twilio Inc TWLO at an estimated valuation of over $20 million. The purchase comes on a day when the stock fell over 12% after the company reported first-quarter results and issued weak top-line guidance. Twilio expects second-quarter revenue to be in the range of $980 million to $990 million versus an estimate of $1.05 billion.