Why Virgin Galactic Stock Tanked This Week
Shares of Virgin Galactic Holdings (NYSE: SPCE) dropped 9.9% this week, according to data from S&P Global Market Intelligence. The company had no news released this week that would have caused the drop, so it looks like the stock got caught up in the recent sell-off in high-growth stocks.
Virgin Galactic is an aerospace company building rockets to take humans to space, either for recreational or research purposes, with the hopes of revolutionizing how we travel across the globe. The company went public through a special purpose acquisition company (SPAC) back in 2019 and has since traded wildly, falling in and out of favor and becoming a popular meme stock along the way. In February, shares of Virgin Galactic Holdings were up almost 150% this year, however, that buzz for the company has fallen, with the stock down 36% year to date.
Image source: Getty Images.
Source Fool.com
