Why Virgin Galactic Stock Keeps Going Down
Things are not looking great for Virgin Galactic (NYSE: SPCE).
Since confirming its decision to run a 1-for-20 reverse share split last week (shrinking its share count by 20x and artificially pumping up its share price by 20x), the space tourism company's share price at first seemed to leap the expected 20 times to $14.80 -- but then it resumed falling.
Through 10:35 a.m. ET Tuesday, Virgin Galactic stock is down an unlucky 13% from Monday's close, bringing total losses since the split was announced to a staggering 31% in just three trading days.
Source Fool.com
