Cathie Wood's Ark Invest sells 590,804 Virgin Galactic shares a week after buying 514,627 shares
- Cathie Wood's funds have been dialing back their investment in Virgin Galactic since Richard Branson's $150 million sale.
- Two of Wood's ETFs sold 590,804 shares on Monday after buying some 514,627 shares just last week.
- Virgin Galactic stock is down roughly 24% since April 12.
Cathie Wood's Ark Invest ETFs sold 590,804 shares of Virgin Galactic on Monday after buying some 514,627 shares just last week.
Specifically, the ARK Space Exploration & Innovation ETF (ARKX) bought 97,100 shares of Virgin Galactic on April 12 and an additional 42,800 shares on April 15.
The ETF then sold 275,204 shares of Richard Branson's firm on Monday, April 19.
Virgin Galactic was the 19th largest holding of the newly launched ARK Space Exploration ETF, but after the sales, it's down to the 33rd largest.
The ARK Autonomous Technology & Robotics ETF (ARKQ) also bought 139,227 shares of Virgin Galactic on April 12 and an additional 235,500 shares on April 13.
Six days later, the ETF sold 315,600 shares, and Virgin Galactic fell to the 31st largest holding of the tech fund.
When the ARK funds sold their Virgin holdings on April 19, shares traded between $23.63 and $21.55, meaning Wood's ETFs most likely locked in significant losses on their trades.
Virgin Galactic shares are down roughly 24% since April 12 after the company's founder, Richard Branson, offloaded approximately $150 million worth of stock last week.
The sales took place between April 12 and April 14 at prices ranging from $26.82 to $28.73.
Virgin Galatic is an American spaceflight company that aims to provide suborbital spaceflights to space tourists. It posted a net loss of $74 million in its latest third-quarter earnings report and has yet to earn any significant revenues.
The firm has been the target of short-sellers ever since it went public via a SPAC merger with billionaire Chamath Palihapitiya's Social Capital Hedosophia Holdings.
Shares of Virgin Galactic traded down 7.35% as of 1:10 p.m. ET on Monday.
