3 Stocks She Just Bought

Cathie Wood kicked off the new trading week looking to shake things up. The co-founder and CEO of Ark Invest added to 11 of her existing positions. She’s had a rough start to 2024, but anyone who saw her breakthrough performance in 2020 knows that you never count Wood out.

Wood bought shares of Palantir Technologies (NYSE: PLTR), Meta Platforms (NASDAQ: META), and Qualcomm (NASDAQ: QCOM) on Monday, building up some of her largest positions. Let’s take a closer look at these three purchases.

1. Palantir

One of last year’s hottest stocks got off to a strong start through the first two months of 2024. Palantir was nearly a four-bagger in those 14 months, up a wealth-altering 291%. With shares of the software developer for the intelligence community moving lower for the second month in a row, Wood is a buyer.

She’s not the only one who sees this as a potential buying opportunity. The once-bearish Monness Crespi upgraded Palantir on Friday, boosting its rating from sell to neutral. With Palantir a week away from announcing its first-quarter results, the timing of the upgrade is noteworthy. The company’s execution and government contracts remain spotty, and the stock isn’t cheap. But with the shares pulling back in recent weeks, Monness Crespi isn’t comfortable going into Palantir’s upcoming financial update with a bearish rating.

Image source: Getty Images.

Expectations are high for Palantir. Analysts see revenue rising 19% to $625.3 million for next week’s first-quarter report. They also see Palantir’s earnings per share soaring 60% to $0.08. Those are ambitious targets, but reality has been more than up to the task, as Palantir has posted double-digit percentage beats on the bottom line in three of the past four quarters.

Momentum is on Palantir’s side despite the recent downticks. After three years of decelerating top-line growth, Wall Street pros see the top line accelerating in 2024. Why? In part because after a long history of serving the the U.S. military and Western allies with its big data analytics, Palantir is gaining ground with private companies. U.S….

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