Why Virgin Galactic Stock Is Taking Off Today
Shares of Virgin Galactic (NYSE: SPCE), which dropped 7% off a recent high yesterday, have turned things around and are rocketing once again, up 12.1% at 12:10 p.m. EST on Friday. But are Reddit traders driving the action today, or is there real news behind the rally? Maybe a bit of both.
Image source: Virgin Orbit.
There does in fact appear to be a WallStreetBeats aspect to this story, inasmuch as traders following the popular Reddit page have indeed been targeting heavily shorted stocks of late, buying them in hope of squeezing the shares higher. Earlier this week, Virgin Galactic shares (of which 16.5% have been sold short) were identified as benefiting from the phenomenon. And on Twitter today, a smattering of traders are continuing to talk up the stock.
Source Fool.com
