Why Virgin Galactic Stock Just Dropped 4%

One day after the stock of Virgin Galactic Holdings (NYSE: SPCE) went to the moon on news that it has reopened ticket sales at a much higher price, shares of the space tourism company are losing a bit of altitude on Wednesday, down 4.3% as of 11:20 a.m. ET.

As my fellow Motley Fool contributor Matthew Frankel reported yesterday, Virgin Galactic announced on Tuesday that it will reopen ticket sales to the general public today, at $450,000 per ticket. And, in a bit of new news, it will require would-be space tourists to put down a $150,000 deposit per ticket up front.

Virgin Galactic also confirmed that it is aiming to start commercial service later this year, although it did not give a specific date. It has previously said that the end of 2022 is actually the earliest it expects to be able to begin flying paying customers.

Source Fool.com