Shares of Palantir Technologies Inc. PLTR were rallying 13% in afternoon trading after Cathie Wood’s Ark Investment disclosed the purchase of 1.26 million shares Wednesday across several of its funds. The Ark Innovation ETF ARKK added 912,193 shares of Palantir Wednesday, while the Ark Fintech Innovation ETF ARKF added 201,697 shares. The Ark Next Generation Internet ETF ARKW added 149,306 shares. The combined value of the purchases was just under $13 million based on Wednesday’s closing price of $8.24. Palantir shares, trading at $11.66 in Thursday afternoon action, were on track to close at their highest level since April 25, 2022, when they finished at $12.11.

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