Cathie Wood's Ark Invest Buys Spotify, Iridium Shares — Trims Tesla, Coinbase Holdings

On Tuesday, Cathie Wood-led Ark Invest made a series of trades, with the most notable being the purchase of shares in Spotify Technology SA SPOT and Iridium Communications Inc IRDM, and the sale of shares in Coinbase Global Inc COIN and Tesla Inc TSLA.

The Spotify Trade

Ark Invest purchased 54,143 shares of Spotify worth $7.6 million at Tuesday’s closing price of $140.38, despite the company’s recent second-quarter earnings report showing an 11% year-on-year revenue growth to EUR 3.18 billion ($3.46 billion), missing the consensus of $3.57 billion. The purchase was made through the ARK Next Generation Internet ETF ARKW

Ark Invest also bought 200,932 and 51,338 shares of Iridium Communications across the ARK Autonomous Technology & Robotics ETF ARKQ and the ARK Space Exploration & Innovation ETF (ARKX). The total transaction value amounted to $12.76 million at Tuesday’s closing price of $50.58 for Iridium shares. This comes despite Iridium’s second-quarter revenue growth of 10.4% year-on-year to $193.11 million, missing the consensus of $198.42 million, and the company registering a quarterly EPS loss.

Ark Invest sold 20,700 shares of Tesla, worth $5.5 million at Tuesday’s closing price of $265.28, through the ARKQ ETF. The Wood-led investment management firm also sold 53,675 shares of Coinbase, worth $5.24 million based on the closing price of $97.78, through the ARKW ETF. This is in line with Ark’s recent trend of selling Tesla shares, despite the EV maker’s recent stock strength and positive growth projections.

See Also: Cathie Wood-Led Ark Investment Management Identifies Tesla’s Three Key Growth Catalysts

Other Key Trades:

• Ark Invest’s ARKG ETF bought 90,653 shares of Incyte Corp INCY and 20,394 shares of Accolade Inc ACCD.
• The ARKQ ETF bought 4,079 shares of Cameco Corp CCJ and sold 158,605 shares of Kratos Defense & Security KTOS.
• ARKX sold 100,278 shares of Kratos and 5,890 shares of Airbus SE AIR.

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