Why Virgin Galactic Stock Fell in April
Virgin Galactic Holdings (NYSE: SPCE) shares were already under pressure due to missed deadlines and failed test launches. Now, the stock also has to deal with some high-profile sellers. Shares of Virgin Galactic lost 27.7% in April, according to data provided by S&P Global Market Intelligence, erasing what had been a spectacular start of the year for the space tourism stock.
Virgin Galactic shares have always traded more on faith than on actual results, and that faith has been sorely tested of late. The company is pre-revenue but soared to a market capitalization of more than $12 billion earlier this year on investor excitement about its plan to soon launch tourists into space.
Image source: Virgin Galactic.
Source Fool.com
