Virgin Galactic (NYSE:SPCE) stock is rocketing higher on Tuesday as shares of the space travel company get caught up in the recent meme rally started by Roaring Kitty.
Roaring Kitty started the meme stock rally in 2021 with his coverage of GameStop (NYSE:GME) stock. The infamous retail investor then went quiet for three years before returning to social media over the weekend. This has prompted a new meme stock rally that’s sending both old and new meme stocks higher today.
Previous meme stock rallies have often focused on squeezing shorts out of companies. That could be why SPCE stock is heading higher today. The company has a short of 109.37 million shares with its short interest sitting at 28.89%. This makes it a prime target for a meme stock short squeeze.
On top of that, there is good news from Virgin Galactic today. The company has announced a partnership with Axiom Space. This will see them work together to send the second Turkish astronaut to space.
SPCE Stock Movement Today
Virgin Galactic is seeing heavy trading on Tuesday. That has more than 51 million shares of the stock changing hands as of this writing. This is well above its daily average trading volume of about 15.6 million shares.
SPCE stock is up 19.1% as of Tuesday morning. Even so, the stock is still down 47.3% since the start of the year.
Investors looking for more of the most recent stock market stories are in luck!
We offer up all of the hottest stock market news worth reading about on Tuesday! That includes everything happening with shares of MicroCloud Hologram (NASDAQ:HOLO) stock, BlackBerry (NYSE:BB) stock and SunPower (NASDAQ:SPWR) stock. All of this news is available at the following links!
More Tuesday Stock Market News
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- SunPower (SPWR) Stock Shines as Winner of New Meme Stocks Rally
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
