It s Tuesday, and just like Monday, space tourism pioneer
Virgin Galactic Holdings (NYSE:SPCE) stock is down again falling 6.1% through 10 a.m. EDT.
Last week, Virgin Galactic stock got rocked by news that the company s founder, Sir Richard Branson, sold off another big chunk of shares. Today, the threat is coming from outside the company, as Cathie Wood s ARK Invest funds announces the sale of two large blocs of Virgin Galactic stock that it owns, as well.
Image source: Getty Images.
So what
First and foremost, a hat tip to Wood for updating the public on her various ETFs stock purchases and sales in near real time. For fans of the growth stock guru, this is invaluable information that she doesn t necessarily have to report as clearly as she does but she does it anyway, and I appreciate the effort. Now, on to the news:
Space tourism pioneer
Virgin Galactic Holdings (NYSE:SPCE) stock shed another 5.4% of its market capitalization through 11:11 a.m. EDT Monday morning partly because investors are still upset that founder Sir Richard Branson is selling his shares, but also partly because of developments outside of the company last week.
So what
Virgin Galactic, as you ve probably heard by now, has suspended test flights until May. Its rivals in the space tourism market, however, aren t slowing down one bit. On April 14, Jeff Bezos Blue Origin launched its 15th straight successful launch and landing of its New Shepard suborbital space tourism rocket, including simulated passenger embarking and debarking from the rocket s capsule module.
Space tourism pioneer
Virgin Galactic Holdings (NYSE:SPCE) stock shed another 4.8% of its market capitalization Wednesday afternoon, falling 5% to $29.25 per share as of 12:50 p.m. EDT and yet, the story at Virgin Galactic really hasn t changed much since the company unveiled its shiny new VSS Imagine spaceplane last week.
So what
Virgin Galactic now has two fully built spaceplanes in its inventory. It s still midway through test-flying the first one. It still hopes to resume test flights in May. And there s still at least a theoretical chance that it could begin flying paying passengers if not this year, then next.
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Abu Dhabi’s sovereign-wealth fund Mubadala Investment recently sold 3 million shares of Virgin Galactic. Courtesy of Virgin Galactic
One of
Virgin Galactic Holding’s largest shareholders, Abu Dhabi sovereign-wealth fund Mubadala Investment, reduced its stake in the aerospace and space-travel company.
Virgin Galactic (ticker: SPCE) stock has rocketed 28.2% so far in January, boosted by buzz for the sector after Cathie Wood’s ARK Invest filed documents to start a new space exchange-traded fund. In comparison, the
S&P 500 index, a measure of the broader market, has only eked out a 0.3% gain in the new year.
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