Investing

Cathie Wood’s ARK Invest Sells Over 590,000 Shares of Virgin Galactic

A couple of the ARK exchange-traded funds run by ETF star Cathie Wood made huge purchases on Monday. Accordingly these funds sold over 590,000 shares of Virgin Galactic Holdings, Inc. (NYSE: SPCE) shares on Monday, as the price of these ETFs dropped over 1% on Monday. Note that these ETFs are still up over 100% in the last year.

ARK Autonomous Technology & Robotics ETF (NYSEARCA: ARKQ) sold 315,600 shares of Virgin Galactic and Ark Space Exploration & Innovation ETF (NYSEARCA: ARKX) sold 275,204 shares. At Monday’s closing price this would have valued this sell at roughly $13.3 million. Even though this is a small fraction of the total holdings, every little bit counts. ARKQ is up 124% in the last year, and ARKX is up 2% since it debuted earlier this year.

24/7 Wall St. recently reported on Virgin Galactic:

Virgin Galactic Holdings Inc. (NASDAQ: SPCE): Wolfe Research started the stock with a Market Perform rating and a $27 price target. The consensus target is much higher at $38.33, and the last trade Monday came in at $26.77, down almost 9% on the day.

Catherine Wood, the CEO and CIO of ARK Investment Management LLC is a minority and non-voting shareholder of 24/7 Wall St., LLC, owner of 247wallst.com.