Why Virgin Galactic Stock Just Crashed
Yesterday was a great day for space investors, with shares of pretty much every special purpose acquisition company (SPAC) in the sector popping on the exciting news that Rocket Lab stock is finally going public (with a little help from Vector Acquisition Corporation). But today, investors are getting a little bit more discerning -- and Virgin Galactic (NYSE: SPCE) stock is dropping 5.7% in 12:30 p.m. EST trading.
Why is sentiment turning against Virgin Galactic today? Well, consider this: Back when Virgin Galactic went public in 2019, it did so on Sir Richard Branson's promise to give investors a chance to "dabble a little bit in a spaceship company, own a little bit of a spaceship company." At the time, there weren't a whole lot of space stocks to choose from and there were no pure-play, publicly traded human-spaceflight space companies at all, apart from Virgin Galactic.
But my, how times have changed!
Source Fool.com
