Cathy Wood's Space Exploration ETF (ARKX) sold its last 12 strands of Virgin Galaxy this week.The stock completely withdrew its investment in the company, which is known as the "first share of space travel".
Wood's Space Exploration ETF bought about 662000 shares of Virgin Galactic for the first time in March, worth about $20 million. But Virgin Galactic's shares then began to fall because of delays in its test plans and commercial flights, as well as the reduction of its holdings by chairman Chamas Pali Hapitia (Chamath Palihapitiya) and founder Richard Branson.
By April 20th, ARKX had sold nearly half of its stake in Virgin Galaxy. Virgin Galactic's shares continued to fall earlier this month after Jeff Bezos's Blue Origin (Blue Origin) announced plans to launch its first manned space tourism rocket on July 20. UBSThe move could undermine Virgin Galactic's first-mover advantage, it warned.
Earlier this month, Wood's fund sold almost all Virgin Galactic shares, which had fallen to nearly $15, almost halving the share price when ARKX first bought it.
However, Virgin Galactic shares have rebounded in recent days as the company successfully conducted its third long-delayed space flight test over the weekend. On Wednesday, the stock rose 5.55% to close at $27.