Why Virgin Galactic Stock Is Falling Today

It's a tough morning for momentum stocks, and Virgin Galactic Holdings (NYSE: SPCE) is not immune. Shares plunged 18% at the open on Tuesday, and were down more than 8% as of 10 a.m. EST, as investors scrambled for the emergency exits on some of the stocks with the most impressive gains in recent months.

Space tourism start-up Virgin Galactic has had an impressive run, with the stock up 160% over the past six months. But it was up as much as 240% as recently as last week.

The company hopes to begin launching paying customers into space before year's end, but for now has little revenue. It's also behind schedule, in part due to pandemic-related restrictions but also because of some testing misfires in recent months.

Source Fool.com