Virgin Galactic’s stock soars, fueled by retail investors

Virgin Galactic was the third most traded stock on Fidelity’s online brokerage in recent sessions, with two thirds of clients buying shares, rather than selling. Orders for Virgin Galactic on Fidelity trailed only Apple Inc and Tesla.Fanning enthusiasm around space tourism on Tuesday, Tesla Chief Executive Elon Musk’s SpaceX announced plans to send up to four private citizens on an orbital voyage aboard its Crew Dragon spacecraft, launched on its Falcon 9 rocket.

Morgan Stanley analyst Adam Jonas, who has an “overweight” rating on Virgin Galactic, cautioned in a note on Tuesday that the recent surge has been “driven by forces beyond fundamental factors.” Virgin Galactic has over 600 reservations and $80 million in deposits for 90 minute flights that include several minutes of weightlessness, priced at $250,000 a ticket.

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