Cathie Wood Portfolio: 5 Green Energy Stock Picks

3. Iridium Communications Inc. (NASDAQ:IRDM)

Number of Hedge Fund Holders: 24

Iridium Communications Inc. (NASDAQ:IRDM), a global satellite communications company, experienced a positive hedge fund sentiment in Q3, as 24 hedge funds tracked by Insider Monkey were bullish on the company, up from 18 in the previous quarter. These stakes are valued at roughly $685 million.

ARK Investment Management started building its position in Iridium Communications Inc. (NASDAQ:IRDM) during Q3 of 2019. As of Q3 2021, the hedge fund holds roughly 12 million shares in the company, which accounts for 1.14% of its 13F portfolio. In Q3, Iridium Communications Inc. (NASDAQ:IRDM) reported over 1.69 million paid subscribers, up from 1.43 million during the same period last year.

The company’s newly developed battery, Iridium Edge Solar, enables the long-term deployment of management solutions by harvesting solar energy.

Following the company’s Q3 earnings beat, BWS Financial upgraded Iridium Communications Inc. (NASDAQ:IRDM) to Buy, with a $60 price target, up from $37. As of the close of December 7, the stock’s 12-month returns stood at 19.85%.