Why Virgin Galactic Stock Sank Back to Earth Today
The market drove shares of Virgin Galactic Holdings (NYSE: SPCE) up last week in anticipation of the space tourism company's test flight this weekend. Today's action is more of a Monday hangover, with shares down about 11% as of 10:20 a.m. EDT after the company announced plans to raise fresh capital.
The historic flight with billionaire founder Sir Richard Branson aboard was successful, and shares even spiked again to start today's session. But while the VSS Unity's mission was exciting and made headlines as part of the "billionaire space race," investors are selling shares today after the company announced a new common share offering.
Source Fool.com
