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:
Virgin Galactic Falls as ARK Dumps $13 Million Worth of Stock
ARK Investment Management sold 590,000 shares of Virgin Galactic held by two of its exchange-traded funds.
Author:
Original:
Shares of Virgin Galactic Holdings (
SPCE) - Get Report fell sharply Tuesday after star money manager Cathie Wood’s ARK Investment Management sold 590,000 shares of the space company.
ARK sold the shares in two of its exchange-traded funds. ARK Autonomous Technology & Robotics ETF (
ARKQ) - Get Report dumped 315,600 shares, worth $7.1 million as of Monday’s close, but still holds 1.76 million shares of Virgin Galactic. ARK Space Exploration & Innovation ETF (
ARKX) - Get Report unloaded 275,204 shares, worth $6.2 million, and now maintains 315,781 shares.
Author Bio
Daniel has been writing for Fool.com since 2019. A fan of value and dividend stocks, he covers the industrial sector, oil and gas, and renewable energy. He graduated summa cum laude from the University of Houston with a BBA in finance and marketing and a certificate in personal financial planning.
Cathie Wood, the CEO of ARK Invest, is known for finding hypergrowth names with upside potential. The three largest holdings in ARK s six actively managed funds are
Tesla,
Square, and
Teladoc. None of the three is cheap by traditional valuation metrics like price to sales (P/S) or price to earnings (P/E). But ARK believes that these companies, and others like them, will lead to a doubling of U.S. GDP to $40 trillion by 2035.
Author Bio
Keith Noonan covers technology, entertainment, and other fields.
Cathie Wood has become one of the investing world s most popular figures over the last year and for good reason. The founder and CEO of ARK Invest has helped put together a collection of actively managed exchange-traded funds (ETFs) that have absolutely crushed the market over the stretch, and she s shown a penchant for identifying innovative, tech-focused companies that have gone on to record huge gains.
With ARK funds putting up such incredible performance, we asked three Motley Fool contributors to dive into the list of individual stocks that Wood s company is backing and pick out some favorites. Read on for a look at three companies held in ARK funds that could be primed for massive wins.
Cathie Wood-led Ark Investment Management on Thursday snapped up another 3,41,186 shares, worth about $110 million, of the biggest U.S. cryptocurrency exchange desk
Coinbase Global Inc (NASDAQ:COIN), on the second day of trading after its debut on NASDAQ through a direct listing.
Coinbase shares lost some of their debut steam and closed 1.68% lower at $322.75 on Thursday, giving the cryptocurrency exchange a market cap of $63.5 billion. The stock opened higher at $358 but immediately pulled back to $323 levels in the early morning trade and remained volatile the rest of the day before closing significantly lower.
Three of the investment management firm’s flagship funds made the buys on Thursday. The