Wall Street's newest cult stock appears to be Richard Branson's Virgin...
SAN FRANCISCO - Wall Street’s newest cult stock appears to be Richard Branson’s Virgin Galactic Holdings Inc , as investors drive the space tourism stock to sky-high levels and short sellers dig in their heels.
That hypersonic ascent has made it a favorite among short sellers betting the shares will eventually fall back to earth, drawing comparisons to Tesla Inc , which has also surged in recent months. The value of short bets against Virgin Galactic hit a record $500 million on Tuesday after the stock surged to its own all-time high, according to Dusaniwsky. The company’s rally this year has cost short sellers $345 million in paper losses.
Underscoring retail investors’ interest Virgin Galactic, the company was the second 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 Tesla.
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