What's Going On With Virgin Galactic (SPCE) Stock Wednesday?

Virgin Galactic Holdings, Inc. SPCE shares are pulling back on Wednesday after rallying in recent sessions on the back of the company's announcement that its first commercial space flight is expected to launch between June 27 and June 30.

What To Know:

Virgin Galactic shares had been on an upward trend in recent sessions since the company announced the projected dates for its first commercial spaceflight, "Galactic 01." The spaceflight will be a scientific research mission carrying three crew members to conduct microgravity research. 

Virgin Galactic also announced its second commercial spaceflight is expected to take place in early August with regular monthly spaceflights expected thereafter.

The stock has seen increased retail investor attention since the announcement. It was among the top trending stocks on Reddit's r/wallstreetbets over the last 24 hours. SPCE shares are running into selling pressure Wednesday as the recent rally appears to be losing steam.

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SPCE Price Action: According to Benzinga Pro, Virgin Galactic shares are trading 7.59% lower at $5.55 at the time of publication.

Image: Courtesy of Virgin Galactic Holdings, Inc.