https://wccftech.com/the-bullish-narrative-around-virgin-galactic-spce-is-weakening-as-cathie-woods-ark-invest-chamath-palihapitiya-and-richard-branson-reduce-their-holdings-in-the-stock/

Virgin Galactic (NYSE:SPCE), Richard Branson’s enterprise that is pioneering space-based tourism, has been under pressure over the past few weeks as its major backers dump their holdings in the stock in what many are assuming to be a case of buyer’s remorse.

To wit, Cathie Wood’s ARK Invest roiled Virgin Galactic bulls yesterday when it emerged that the growth-focused fund had reduced its holdings in the space tourism company by a cumulative 590,804 shares, with the ARK Autonomous Technology & Robotics ETF (NYSEARCA:ARKQ) dumping 315,600 shares and the residual 275,204 shares sold by the ARK Space Exploration & Innovation ETF (NYSEARCA:ARKX). Of course, ARK Invest still holds 2.075 million Virgin Galactic shares via the ARKQ and ARKX ETFs. Nonetheless, given the size of yesterday’s liquidation and the fact that the fund’s stake in the company was acquired quite recently, the optics do not favor the bulls.