Why Shares of Virgin Galactic Fell Today
Shares of Virgin Galactic (NYSE: SPCE) traded down more than 9% on Tuesday after the holding company controlled by Richard Branson filed to sell additional shares in the space tourism company. Virgin Galactic got a boost on Monday after rival SpaceX successfully launched two astronauts into space, but investors were back to being focused on Virgin Galactic's prospects on Tuesday.
Virgin Galactic has been a volatile stock since hitting public markets last year, in part because the stock trades more on speculation about its future prospects instead of on fundamentals. The company generated only $238,000 in revenue in the first quarter, but boasts more than 1,000 deposits by people who have indicated a willingness to pay $250,000 apiece for a brief flight to space.
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Source Fool.com
