3 Stocks Cathie Wood Bought Last Week

It was a busier than usual week for Cathie Wood. The Ark Invest architect — check that, Ark-itect — had an itchy trigger finger on the trading floor. The founder, CEO, and primary stock picker at Ark Invest is hoping to bounce back from a rough start in 2024.

Wood added to her existing positions in Palantir (NYSE: PLTR), Pinterest (NYSE: PINS), and Spotify (NYSE: SPOT) last week. on Tuesday. Let’s take a closer look at the stocks she just bought.

1. Palantir

A lot of Wood’s top holdings have been losing to the market, but Palantir has been a standout. Shares of the intelligence community software developer have soared 42% this year, after more than doubling in 2023. Palantir stock has now more than tripled since the start of last year.

The stock’s surge and Wood’s increasing position have Palantir as one of the 15 largest holdings across all of Ark Invest’s positions. It came through last week with well-received financial results.

It wasn’t much of a beat for Palantir last week. A 20% revenue increase in the fourth quarter was better than the 18% gain the market was expecting. The $0.08 a share in adjusted earnings was also a marginal beat. However, Palantir’s appeal as a play on artificial intelligence (AI), has made it a winner in 2024 even after a blowout stock chart last year.

Palantir received a pair of upgrades last week from a pair of now former bears following last week’s fourth-quarter results. Citi upgraded the shares from sell to neutral, doubling its price target to $20 in the process. Growing momentum in Palantir’s commercial business — still a fifth of the revenue mix, but growing quickly — makes Palantir more than just a private-sector play. Jefferies also went from underperform to hold, lifting its price target on the shares to $22. The stock is already higher than both of those revised goals, but it’s always refreshing to see the bears start to thin out.

2. Pinterest

Wood’s timing on Pinterest wasn’t as good as it was with…