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Virgin Galactic stock drops after Cathie Wood’s ARKX sale

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Virgin Galactic’s spacecraft Unity comes into land during a glide test flight on May 1, 2020.

Virgin Galactic

Virgin Galactic shares fell in trading Tuesday after Ark Invest’s space exploration ETF sold nearly half its stake in the space tourism company.

Cathie Wood’s firm sold 275,204 shares of Virgin Galactic from its ARKX fund on Monday, cutting the ETF’s holdings of the stock from 585,675 shares to 315,781 shares. Of the 39 ARKX holdings, Virgin Galactic was the 19th largest but is now down to 33rd, making up just over 1% of the fund’s weight.

Ark Invest also sold 315,600 shares of Virgin Galactic from its ARKQ “autonomous technology and robotics” fund on Monday. That Ark ETF retains a…



Source cnbc.com

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