The future is definitely here, as tech companies stand at the forefront of the most favorable speculative stocks in the market in the past few months. Space tourism company, Virgin Galactic, in particular, has become the newest favorite speculative stock in Wall Street, as the company’s skyrocketing performance has even out-staged Tesla.
Shares of Virgin Galactic rose as much as 12% in premarket trading Wednesday from its previous close of $30.30. This represent’s the space travel company’s highest close ever, following a 21% jump on Friday and 5% surge on Tuesday – something that reminds many of the same momenta in Tesla two weeks ago.
On top of that, trading of Virgin Galactic stocks has also been positive as its daily trading volume is pushing higher. Before Tuesday, an average day of trading saw 12 million Virgin Galactic shares change hands. But because of the avalanche of investors taking a stake in space tourism companies, this average is pushing higher. On Friday, Virgin Galactic’s trading volume reaches 45.6 million shares and 104.1 million shares on Tuesday.
The stock has more than tripled in the past three months, up 223% before Wednesday’s open.
Similarly, Tesla is also pushing higher. Tesla’s stocks skyrocketed once again after Bernstein analyst Toni Sacconaghi nearly doubled his price target on Tuesday, arguing that he can’t see any negative catalyst against the capital so far and in the coming weeks, that wasn’t especially expensive. Nonetheless, Virgin Galactic’s 162% meteoric rise since the beginning of the year still tops Tesla’s impressive climb of 105%.
