SpaceShipTwo “Unity” on the runway after an abandoned space test on December 12, 2020.
Virgo Galactic Shares fell in trading on Wednesday after it became known that Ark Invest’s space research ETF had sold almost all of its remaining stake in the space tourism company.
Cathie Wood’s company sold 293,962 shares of Virgin Galactic by his ARKX fund on Tuesday, A day marked by wild trading in stocks according to the results of the first quarter of the company. Virgin Galactic shares fell 20% – below $ 15 per share – and began trading Tuesday before slowly rebounding as the day progressed and ending barely positive.
Virgin Galactic shares fell more than 7% on Wednesday from the previous close of $ 18.12. The company declined CNBC’s request for comment on Virgin Galactic’s dealings.
The stock has since lost about half of its value ARKX Trading began in late March when the fund debuted with approximately 672,000 shares of Virgin Galactic – a position worth approximately $ 20 million at the time. Virgin Galactic shares began to decline afterwards Delays in testing program and commercial flightsas well as share Sales from Chairman Chamath Palihapitiya and then founder Richard Branson.
Ark cut his ARKX Holding by Virgin Galactic by almost half on April 20 after the stock fell below $ 23. Shares continued to fall thereafter earlier this month Jeff Bezos‘Venture Blue Origin announced plans to launch the first manned flight of its space tourism rocket on July 20th – a step UBS likely warned about removing Virgin Galactic First mover advantage.
After Virgin Galactic reported first quarter results and questioned the schedule, Ark trimmed ARKX’s position to just 7,622 shares. Weighing in at 0.02%, it is now the smallest holding in the space ETF.
Ark Invest also sold Virgin Galactic shares from its ARKQ The “Autonomous Technology and Robotics” fund has reduced its position from over 2 million shares at the end of April to just 7,879 shares on Wednesday. Like ARKX, Virgin Galactic is now the smallest holding in the ARKQ fund.