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 LMT, Reddit Inc RDDT, and Iridium Communications Inc IRDM.

The Lockheed Martin Corp Trade

Ark Invest’s decision to sell 15,995 shares of Lockheed Martin Corp LMT through ARK Autonomous Technology & Robotics ETF 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 RDDT shares, worth $549,473, through Ark Fintech Innovation ETF 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 IRDM shares via ARK Space Exploration & Innovation ETF 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