Why Virgin Galactic's Stock Is Trading Lower Today

Virgin Galactic Holdings, Inc. SPCE shares are trading lower, reversing from the premarket rally, after the company filed or a $500 million shelf offering of common stock.

On Sunday, Virgin Galactic successfully completed its first fully crewed spaceflight. The stock reached a session high of $50.75 then sold off following news of the offering.

Virgin Galactic Holdings Inc is a United States-based vertically-integrated aerospace company pioneering human spaceflight for private individuals & researchers, and it also manufactures advanced air and space vehicles.

Virgin Galactic's stock was trading about 11.5% lower at $43.60 at the time of publication. The stock has a 52-week high of $62.80 and a 52-week low of $14.27.