Virgin Galactic (NYSE:SPCE) stock is rocketing higher on Monday after announcing plans for a test flight.

Source: Tun Pichitanon / Shutterstock.com

Here’s everything to know about SPCE stock and the news pushing it higher today.

• Virgin Galactic is a spaceflight company with the goal of offering commercial suborbital flights to tourists.
• The company is moving toward this goal with a test flight later this month.
• The flight window opens next Saturday and may allow for multiple flights this month.
• This will have two pilots carrying research payloads for the NASA Flight Opportunities program.
• It plans to use information gained from this test flight to determine how it will proceed with further development.
• It’s also worth noting that SPCE stock has been a target of WallStreetBets traders.
• These investors have been holding positions in companies to boost their prices and damage hedge funds.
• WSB investors typically target short stocks with positive news and the recent update from SPCE is likely increasing interest from them.
• As of this writing, more than 28 million shares of SPCE stock have changed hands.
• That’s a hefty jump from the stock’s already high daily average trading volume of about 18 million shares.

The recent surge around Reddit WallStreetBets stocks has resulted in positive news for some investors. That includes those selling shares of GameStop (NYSE:GME) stock at high prices. Check out the link for some feel-good stories from retail investors.

SPCE stock was up 17% as of noon Monday and is up 125.6% since the start of the year.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.