Why Cathie Wood Is Helping Palantir Stock Soar Again Today
Shares of Palantir (NYSE: PLTR) are posting strong gains again in Tuesday's daily trading session. The data analytics software company's share price was up 7.3% as of 1:45 p.m. ET, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index was down roughly 0.6%, and the even more growth-heavy Nasdaq Composite index was down roughly 0.8%.
Ark Invest, which is led by CEO Cathie Wood, published updates on its website yesterday revealing that it had once again increased its holdings in Palantir stock in its exchange-traded funds (ETFs). After an extremely turbulent stretch of trading last year, the types of growth stocks favored by Wood have seen some strong rebound momentum this year, and the trend has increased the market's interest in investment moves made by her company.
Despite growth stocks generally facing selling pressures on Tuesday, Palantir is recording another day of big share-price gains. The stock has been enjoying a strong rally following its better-than-expected first-quarter results and some signs of mounting institutional support. The latest endorsement from Cathie Wood appears to be playing a driving role in today's momentum.
Source Fool.com
