On Wednesday, August 2, 2023, Cathie Wood-led Ark Invest made several significant trades, the most notable being a substantial purchase of shares in $Iridium Communications (IRDM.US)$.
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 $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$ 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 $ARK Fintech Innovation ETF (ARKF.US)$ fund, bought 45,169 shares of $AvidXchange (AVDX.US)$, a leading provider of accounts payable automation software and payment solutions for middle-market businesses.
Wood's $ARK Genomic Revolution ETF (ARKG.US)$ bought 28,453 shares of $Accolade (ACCD.US)$.
Ark Invest, through its ARKG fund, sold 28,694 shares of $Iovance Biotherapeutics (IOVA.US)$.