Palantir Technologies (PLTR) price soars. Here is what caused it and what’s next

Palantir PLTR

Palantir Technologies is a public American software company that specializes in big data analytics. PLTR has been trending and highly in demand during the last few months. Palantir’s stock is up more than 180% during the last 6 months.

Shares of Palantir Technologies (PLTR), dropped hard earlier this week after analysts at Citigroup downgraded the stock to a sell rating with a $15 price target. Palantir had been trading around $26 at the time, but investors were spooked by the megabank’s negative tone, and spent the next two days selling off the stock, eventually sending it down nearly 5%. However, Palantir (PLTR) shares have jumped more than 8% today after it has been reported that ARK invest has bought 497,100 Shares on Thursday. They bought it for their actively managed ETF ARKW.

Ark Next Generation (ARKW) has soared 152% over the past year, betting on hot tech-related stocks such as Tesla  (TSLA 9.92% of assets), Roku  (ROKU 5.78% of assets), and Grayscale Bitcoin Trust  (GBTC 4.65% of assets). However, there is even more room to grow. Catherine Wood, founder, CEO, and CIO of ARK told Bloomberg last month that she expects to nearly triple Investors money over the next five years.

Palantir and those who are bullish on its shares say that the company provides a tremendous level of unique insights that no one else could possibly offer. If ARK invest started buying their shares they think PLTR still has room to grow, so it might be a good time for investors to be getting some of it for their portfolios as well.

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