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 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 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.

See Also: Downgrade Aside, Cathie Wood Buys $1.2M Worth Of SoFi Shares

Other Key Trades:

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

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