Palantir stock hits 52-week high as Cathie Wood buys shares

Yahoo Finance markets contributor Remy Blaire discusses Palantir stock rallying, hitting a 52-week high as Cathie Wood buys shares.

Video transcript

AKIKO FUJITA: Well, Palantir is one of the top trending stocks on Yahoo Finance all day. The stock is soaring as Cathie Wood picks up shares, or more shares, I should say. Yahoo Finance contributor Remy Blaire is at the New York Stock Exchange with more on that.

REMY BLAIRE: Well, in today's session, we saw shares of Palantir rally and soar to hit new 52-week highs. Ahead of the closing bell, we are seeing Palantir Technologies' shares up, but we are well off those highs above $13 a share. And as you mentioned, Cathie Wood's ARK Investment keeps adding Palantir shares. The latest purchase adds over $4 million worth of shares across multiple funds.

And this does include ARK's Innovation ETF as well as Fintech ETF and ARK's next generation ETF. Last week, ARK Investment added $1.26 million shares of Palantir across several funds. And elsewhere, Palantir is in the spotlight amidst reports coming out from the U.K.

There are reports that the company may cut by a little over 8% of its U.K. workforce by pruning as many as 75 positions over in London. And separately, fashion retail chain C&A, and Palantir, are teaming up on an AI model to help optimize the retailer's supply chain by speeding up the inventory restocking process. Ahead of the close here at the New York Stock Exchange, we are seeing trading volume for Palantir Technologies three times the average volume.