Palantir (NYSE:PLTR) stock is a hot topic among traders on Wednesday after investor Cathie Wood purchased more of the big data company’s shares.

Cathie Wood took advantage of a dip in the price of PLTR stock to load up on the company’s shares yesterday. That saw her buy roughly 1.35 million shares of Palantir stock on Tuesday.

The purchases made by Cathie Wood were spread across her various ARK Invest exchange-traded funds (ETFs). It’s worth noting that Wood is building on a 17% stake in the company revealed in a Q4 update.

Why Did Cathie Wood Buy PLTR Stock?

Cathie Wood purchased shares of PLTR stock when the company’s Q1 2024 earnings report failed to impress investors. Specifically, the guidance in that report left much to be desired. That saw the shares close out Monday down roughly 15%.

While that lackluster outlook scared some investors, Wood saw it as an opportunity to acquire even more shares of PLTR. Traders that follow the investor are no doubt hoping her bet is right.

PLTR stock is down slightly as of Wednesday afternoon with some 38 million shares traded. That’s still below its daily average trading volume of about 58 million shares.

Investors will want to keep reading for even more of the biggest stock market stories happening today!

We have all of the hottest stock market news that traders need to know about on Wednesday! A few examples of that include the latest events affecting shares of Nvidia (NASDAQ:NVDA), PowerSchool (NYSE:PWSC) and Luminar (NASDAQ:LAZR) stock today. You can catch up on that news below!

More Wednesday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2024/05/cathie-wood-just-loaded-up-on-palantir-pltr-stock/.

©2024 InvestorPlace Media, LLC