By Mackenzie Tatananni

Palantir Technologies stock fell for a third straight day after Cathie Wood's ARK Investment Management unloaded more shares of the software company.

Palantir had an undeniably good 2024, skyrocketing 340% as enthusiasm for the company's artificial intelligence platform and highly publicized government contracts drove the stock price higher.

However, shares have fallen 16% over the past three days. The stock was down 4.2% to $67.04 on Wednesday afternoon.

According to a trade notification email sent on Tuesday night, ARK Investment Management sold a combined 4,890 shares across the ARK Innovation ETF, the ARK Next Generation Internet ETF, and the ARK Fintech Innovation ETF.

A separate email from Monday night signaled the firm had unloaded a combined 196,728 shares.

In October, ARK Investment Management filed a 13F-HR form disclosing ownership of more than 11 million Palantir shares valued at nearly $41o million as of Sept. 30, 2024.

This marked a 15% decline from the 13 million shares disclosed in a previous 13F-HR filed on July 26, 2024.

So far into 2025, opinions on Wall Street are mixed about Palantir. Analysts polled by FactSet rate the stock at Hold with a consensus price target of $46.38.

Some analysts remain bullish, including Wedbush's Dan Ives, who raised his price target on the stock to $75 in late December. Ives argued Palantir would benefit as companies funnel more money into AI in 2025.

Other analysts, such as Morgan Stanley's Sanjit Singh, are less optimistic. Singh rated Palantir at Underweight and set a price target of $60 when he assumed coverage of the stock on Monday.

Morgan Stanley previously rated Palantir at Underweight but removed the rating in November to re-evaluate its thesis.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

January 08, 2025 12:46 ET (17:46 GMT)

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