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Virgin Galactic Slumps as Cathie Wood's ARK Dumps Shares

Published 04/20/2021, 10:18 AM
Updated 04/20/2021, 10:19 AM
© Reuters

By Christiana Sciaudone

Investing.com -- Cathie Wood strikes again. Shortly after launching her space-focused ETF, the star investor dumped shares of Virgin Galactic Holdings Inc (NYSE:SPCE), sending the stock down about 6%.

ARK Autonomous Technology & Robotics ETF (NYSE:ARKQ) sold 315,600 shares of Virgin Galactic and ARK Space Exploration & Innovation ETF (NYSE:ARKX) sold 275,204 shares, approximately $13.3 million, 247wallstreet.com said.

Virgin Galactic is down by more than half since hitting a record earlier this year. But big names have been selling the stock recently, including billionaire founder Sir Richard Branson. The company aims to offer commercial service that would allow anyone to go to space. Other billionaires are also in the race to send anyone into space, including Jeff Bezos and Elon Musk. Clearly, they've got funds to spare. 

Last week, Branson and entities owned by him sold 5.58 million shares or a 2.5% stake in the company for about $150 million, though they still hold a 24% stake in the company. Last month, Chairman Chamath Palihapitiya sold his remaining stake in the company.  

 

Latest comments

They pumped the market as high a it will go on sheer speculation. The big wigs as quietly CASHING OUT and chasing Cryptofrauds. Since the WEAPONIZED COVID-19 is mutating according to design, expect the 'recovery hype' to blow outhouse of a 40,000 DJIA and a 5000 S&P. 8 MILLION jobs are already being exsanguinate with robotization, How many car plants are  sidelined indefinitely? Why can't semiconductor plants retool back to making auto chips, considering how fast they untooled? Retooling should be a plug and play operation. We are in the last phase of the Great Reaganomic Wealth Transfer. 2008-9 was the first grifting of baby-boomer retirement accounts, THIS will be the the last sweep of both the Boomers and Gen X-Yers. Now that the March 2020 sweep of assets is no longer part of the 1 year numbers and almost eery investment has stellar numbers, why are earnings so wonderful, yet the market consistently flounders and falls? Isn't it about time someone DESIGNED a functional economy?
Fear and Greed... not always in that order.
 with 4500+ different Cryptos and 7000 'Indexes', many customized to track a specific fund's holdings, how honest can the market be? When the Yen squirms and torques US Treasury yields enough to affect my equity holding... it's no longer investing and more like a 50 line slot machine. ONE WORLD CURRENCY will end moneychanging like Jesus in the Temple. Rverse taxation, where the SELLER PAYS TAXES directly to the Government  upfront, knowing that 00% reimbursement from the consumer is guaranteed will eliminate the income tax for everyone and cut the corporate rate to a no deduction, no exemption 13.5% FLAT REVENUE TAX that covers 100% of Federal ,State and Local government budgets.
You lost me at weaponized Covid. lol.
Time to load the boat on this one
you mean shipwreck?
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