Buying the Dip on Virgin Galactic Stock Looks Like a Mistake

Investors became enamored with space economy stocks during the COVID-19 market bubble, specifically from special purpose acquisition company (SPAC) mergers. One of the leading bubble stocks was Virgin Galactic (NYSE: SPCE), a space flight company that is trying to build a tourism business by charging hundreds of thousands of dollars to take trips into low orbit. Virgin Galactic has fallen 90% from its highs during the COVID-19 SPAC frenzy but is still one of the most popular stocks on Robinhood.