Both 2021 and 2022 were rough for Palantir Technologies' (NYSE: PLTR) stock, but 2023 has been the complete opposite, with the stock up more than 87% year to date as of May 24. It seems as if popular investor Cathie Wood and her firm ARK Investment Management have also taken notice.

After adding 1.26 million shares of Palantir across its exchange-traded funds (ETFs) in mid-May, ARK Invest added around $4 million more in shares on May 22:

Data source: ARK Invest. Closing price on May 22, rounded to the nearest thousand.

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Source Fool.com