Cathie Wood's Ark Invest Dumps Lockheed Martin Shares, Swoops Up Stock Of This Satellite Phone Provider
On Monday, Cathie Wood-led Ark Invest made significant trades involving Lockheed Martin Corp (NYSE:LMT), Reddit Inc (NYSE:RDDT), and Iridium Communications Inc (NASDAQ:IRDM).
The Lockheed Martin Corp Trade
Ark Invest’s decision to sell 15,995 shares of Lockheed Martin Corp (NYSE:LMT) through ARK Autonomous Technology & Robotics ETF (BATS:ARKQ) comes during a period of mixed financial results for the aerospace giant. Recently, Lockheed Martin reported a slight decline in net sales for the fourth quarter of 2024, missing consensus estimates. However, the company surpassed earnings expectations with an adjusted EPS of $7.67. Despite challenges, analysts remain optimistic about the company’s future, especially with the F-35 program ramping up, as highlighted by BofA Securities. The closing price for LMT on Monday was $455.42. The Ark trade was valued at $7.3 million.
The Reddit Trade
Ark Invest jettisoned 2,716 Reddit Inc (NYSE:RDDT) shares, worth $549,473, through Ark Fintech Innovation ETF (NYSE:ARKF). the dynamic sentiment surrounding the social media platform. Analysts have provided a range of opinions on Reddit, with a recent analysis showing a diverse set of ratings. Analysts’ 12-month price targets average $185.89, up 51.36% from $122.81. Reddit’s stock closed at $202.31 on Monday marking a 1.38% rise.
The Iridium Trade
Ark Invest’s purchase of Iridium Communications Inc (NASDAQ:IRDM) shares via ARK Space Exploration & Innovation ETF (BATS:ARKX) aligns with the company’s recent strong performance. On Monday, Ark picked up 22,067 Iridium shares worth $626,261.
Iridium, reported an 8% increase in total revenue for the third quarter of 2024, driven by higher commercial and government service revenues, as detailed in a previous report. The company’s stock closed at $28.38 for the day, reflecting a slight decrease of 1.29%.
Other Key Trades:
- Accolade Inc (ACCD): Sold 80,788 shares by ARKG.
- L3Harris Technologies Inc (LH): Bought 32,680 shares by ARKQ.
- Nu Holdings Ltd (LU): Sold 100 shares via ARKW.
Image via Shutterstock
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This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
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Posted-In: ARK Invest ARK Invest ETFs Cathie Wood IridiumEquities News Markets ETFs
