The ARK ETFs, run by Cathie Wood, receive daily scrutiny for almost any transactions they make within the funds. Because ARK has demonstrated such success over the last several years, a lot of investors try to mimic her trades as soon as they're revealed. There are websites and Twitter handles out there dedicated solely to just tracking her daily trades.
I tend to follow ARK trades only occasionally, but every once in a while, there's one that pops across the screen that catches my eye. Such was the case recently when news broke that ARK was dumping shares of Virgin Galactic (SPCE).
Many assumed, myself included, that Virgin Galactic would be a top holding in the newly launched ARK Space Exploration ETF (ARKX). It made the cut, but was only a middle of the road holding at around 2% of assets (for reference, Trimble is ARKX's largest holding at just over 8%).
It turns out that ARK was only a modest fan of the company then and is even less so now.
According to ARKTrack.com, ARK has trimmed its Virgin Galactic position by more than 20% over the past week.
ARK holds SPCE stocks in two of its ETFs, ARKX and the ARK Autonomous Technology & Robotics ETF (ARKQ). In total, ARK dumped more than 500,000 shares, or about 1/3 of its position on a dollar basis.
The change in ARKX is notable, because the fund reduced its position by roughly half and is now the #33 holding out of 40 total. In ARKQ, it now ranks #31 out of 49 holdings. SPCE occupies a roughly 1% position in each fund.