Why Virgin Galactic Holdings' Shares Popped 34.8% Today

Shares of Virgin Galactic Holdings (NYSE: SPCE) jumped as much as 34.8% in early trading Tuesday after another institutional investor disclosed a position. Shares settled as the day went on, but were still up 6.8% at 2:30 p.m. EST.

Park West Asset Management disclosed on Friday that it has acquired 4.25 million shares of Virgin Galactic, or 2.1% of shares outstanding. The fund is now the seventh-largest shareholder.

Image source: Virgin Galactic.

Continue reading

Source Fool.com