Ark Investment Management, run by Cathie Wood, sold more Palantir Technologies Inc PLTR -6.39 percent shares on Friday, cutting its stake in the Peter Thiel-backed company.
According to Friday's closing price, the famous investment management firm sold 13.5 million shares of the big data company, valued at $148.9 million.
Palantir's stock fell 6.4 percent to $11.02 per share on Friday. The stock has lost 16% of its value in the last week.
Before Friday's trade, Ark Invest held 25.53 million shares in Palantir, suggesting that the famous stock picker had trimmed over 52 percent of its total keeping a day later.
After the business disclosed lower-than-expected fourth-quarter earnings before the market opened on Thursday, Ark Invest, located in St. Petersburg, California, dumped shares in Palantir for the second time.
The software firm, well-known for its work with government organizations, posted earnings of 2 cents per share, falling short of the analyst consensus of 4 cents. The company recorded quarterly revenues of $432.87 million, higher than the $417.69 million predicted by analysts.
Palantir's stock had been sold for 4.77 million shares by the investment firm the day before.
All six of Ark Invest's active exchange-traded funds own Palantir stock, including the flagship Ark Innovation ETF ARKK -4.88 percent.
Before the recent sell-off, Ark Invest had been stockpiling Palantir shares for months.