Cathie Wood Continues Iridium Shopping Spree — Ark Invest Buys $3.6M Worth Of Satellite Company's Stock -

On Wednesday, August 2, 2023, Cathie Wood-led Ark Invest made several significant trades, the most notable being a substantial purchase of shares in Iridium Communications Inc (NASDAQ:IRDM).

This move comes in the wake of recent developments around Iridium, including the approval of an additional $400 million share repurchase program by its Board of Directors and the launch of its Iridium Certus aviation commercial service.

The Iridium Trade

Ark Invest, through its ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) fund, purchased 70,040 shares of Iridium — worth $3.6 million at Wednesday’s closing price of $50.91.

Iridium is a leading provider of global voice and data satellite communications. This move is particularly noteworthy given the recent developments around the company. Iridium’s Board of Directors recently approved an additional $400 million share repurchase program, underscoring the strength of Iridium’s business. Furthermore, Iridium launched its Iridium Certus aviation commercial service, providing a secure cockpit domain with reliable voice and data capabilities.

Other Key Trades:

Ark Invest, through its Ark Fintech Innovation ETF (NYSE:ARKF) fund, bought 45,169 shares of AvidXchange Holdings Inc (NASDAQ:AVDX), a leading provider of accounts payable automation software and payment solutions for middle-market businesses.
Wood’s ARK Genomic Revolution ETF (BATS:ARKG) bought 28,453 shares of Accolade Inc (NASDAQ:ACCD).
Ark Invest, through its ARKG fund, sold 28,694 shares of Iovance Biotherapeutics Inc (NASDAQ:IOVA).

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ARKFARK Blockchain & Fintech Innovation ETF

$40.49-0.52%

Overview

ARKGARK Genomic Revolution ETF

$28.04-0.41%

ARKQARK Autonomous Technology & Robotics ETF

$131.70-0.28%

IOVAIovance Biotherapeutics Inc

$3.44-0.29%

IRDMIridium Communications Inc

$41.45-0.41%

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