Why Virgin Galactic (SPCE) Stock Is Trading Near A New 52-Week Low

Virgin Galactic Holdings Inc SPCE shares closed lower by 11.60% at $3.43 in Tuesday's session in sympathy with Virgin Orbit Holdings Inc VORB, which filed for Chapter 11 bankruptcy protection.

What Happened With Virgin Orbit?

Virgin Orbit said it filed for voluntary Chapter 11 bankruptcy in order to effectuate a sale of its business. The company plans to use the Chapter 11 process to maximize value for its business and assets.

The announcement comes just days after the company said it was cutting a majority of its workforce due to the inability to raise sufficient capital to continue operating its business as usual...Read More

According to data from Benzinga Pro, SPCE has a 52-week high of $10.69 and a 52-week low of $3.24.