After making headlines with a $47.6 million purchase of Tesla (TSLA) stock, Cathie Wood’s ARK Invest also made several other high-value trades on July 24, 2025. The firm bought 471,024 shares of Iridium Communications (IRDM), worth $15.3 million, while continuing to reduce exposure to Coinbase (COIN) and gaming platform Roblox (RBLX).
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Wood Loads Up on Iridium Stock
According to ARK’s daily trade disclosures from Thursday, Cathie Wood’s funds bought 471,024 shares of Iridium Communications across the ARK Innovation ETF (ARKK), ARK Autonomous Technology & Robotics ETF (ARKQ), and ARK Space Exploration & Innovation ETF (ARKX), for a total amount of $15.3 million. Iridium provides global satellite voice and data services, supporting sectors like aerospace, defense, and the Internet of Things (IoT).
The buy comes just after a sharp drop in IRDM stock. Shares fell 22% in Thursday’s trading session following the company’s second-quarter earnings release. Iridium reported earnings per share (EPS) of $0.20, missing Wall Street’s estimate of $0.23. However, revenue came in stronger than expected at $216.9 million, up about 8% year-over-year.
Wood appears to be capitalizing on the post-earnings dip, reflecting her growing interest in space-tech infrastructure, where satellite data plays a vital role in AI, automation, and defense systems.
Turning to Wall Street, IRDM stock has a Strong Buy consensus rating based on 4 Buy ratings assigned in the last three months. At $38.00, the average IRDM price target implies a 50.41% upside potential.
ARK Trims Stake in COIN and RBLX Stocks
On the sell side, ARK trimmed its stake in Coinbase, selling 30,501 shares valued at $12.1 million. The move comes as crypto prices face pressure from regulatory risks and market uncertainty. It’s worth noting that Coinbase stock has declined by more than 5% in the past five days, driven by market volatility.
Also, ARK offloaded 93,460 shares of Roblox worth $11.1 million. In addition to these two, the fund sold $1.8 million worth of AeroVironment (AVAV) stock, $6.3 million worth of Kratos Defense (KTOS) stock, and $9.8 million worth of Block (XYZ) stock.
Let’s take a brief look at how all these stocks perform on TipRanks’ Stock Comparison Tool.
