5 Tech Stocks To Sell Now According to Cathie Wood

3. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 35

Cathie Wood’s hedge fund had been gradually cutting its stake in Palantir Technologies Inc. (NYSE:PLTR) over the past few quarters. As of the end of the third quarter of 2022, ARK Investment Management reported owning over 220,000 shares of Palantir Technologies Inc. (NYSE:PLTR). The hedge fund sold these shares during the fourth quarter of 2022.

In January, Palantir Technologies Inc. (NYSE:PLTR) shares rose after investment firm Mizuho started covering the stock, saying that the company could provide “significant” value for its customers. Mizuho’s analyst Matthew Broome, who has a Neutral rating and a $7 price target for Palantir Technologies Inc. (NYSE:PLTR), said that “ongoing global disruptions” could boost the company’s business. However, the analyst noted short-term challenges amid slowing spending in commercial and government sectors.