Why Virgin Galactic's Shares Dropped 6% Today
Shares of space company Virgin Galactic (NYSE: SPCE) fell as much as 6% in trading on Friday as investors digest some large insider sales this week. The drop didn't last long and at 12:10 p.m. EDT shares were down just 1.4% on the day.
Last weekend, Virgin Galactic had to abort a test flight after a communication glitch prevented VSS Unity's engine from igniting. That was followed by chairman Chamath Palihapitiya selling 3.8 million shares in order to fund other ventures next year.
Image source: Virgin Galactic.
Source Fool.com
