VSS Unity will be floating in weightlessness on the edge of space on its third space flight on May 22, 2021.
Ark Invest’s space research ETF has sold its last remaining shares of Virgin Galactic, completing its move from one of the few publicly traded pure space stocks.
Cathie Wood’s firm sold 12 shares of Virgin Galactic from its ARKX fund on Tuesday, the tiny remaining portion of a position that was approximately 672,000 shares when the ETF first began trading in late March.
The space tourism company’s stock rose up to 6% in trading from its previous closing price of $ 25.59 per share.
After hitting an all-time high of over $ 60 per share in February, the stock began falling after delays in its testing program and commercial flights, as well as the share sales by Chairman Chamath Palihapitiya and then-founder Richard Branson.
Ark trimmed its ARKX holding in Virgin Galactic by nearly half on April 20 after the stock fell below $ 23. Shares continued to fall earlier this month after Jeff Bezos’ company Blue Origin announced it would launch the first flight of its crewed space tourism rocket on July 20 – a move that UBS warned would likely take Virgin Galactic’s first mover advantage cancel.
Wood’s firm dumped nearly all of its remaining stake in the ETF in early May when the stock was trading at nearly $ 15 per share. Overall, the stock has lost roughly half of its value since ARKX debuted, when the fund sold most of its position.
Virgin Galactic’s stock, however, has seen a surge after the company’s long-delayed third space test successfully flown on Saturday. The stock made up a 30% loss year-to-date and is now trading above $ 26 per share again.
Additionally, Canaccord Genuity started coverage of Virgin Galactic with a buy rating on Wednesday, viewing the latest space test as likely the first in a line of positive catalysts.
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