Why Palantir Stock Is Soaring Today
Palantir (NYSE: PLTR) stock is making big gains in Thursday's trading session following news that it had received new support from a prominent institutional investor. The data-technology company's stock was up roughly 13.8% as of 3:30 p.m. ET, according to data from S&P Global Market Intelligence. Meanwhile, the S 500 index was up roughly 0.6%, and the Nasdaq Composite index was up 1.2%.
Ark Invest, which is led by founder and CEO Cathie Wood, published an update yesterday revealing that it had purchased more Palantir stock. The move followed another investment that Ark had made in Palantir on May 10 and seems to indicate that Wood is warming back up to the data-software stock.
Cathie Wood has developed a reputation for backing high-risk, high-reward tech plays, and her company's banner Ark Innovation ETF is largely comprised of investments that fall into that category. While the fund saw a very tough stretch of trading in 2022, it's enjoyed recovery momentum this year, and Wood remains an influential figure on Wall Street.
Source Fool.com
