A seven-day surge in Virgin Galactic Holdings Inc. has lifted the stock four times above its level in December.
. While Virgin Galactic has yet to reach that level of retail excitement, more than 103 million shares traded hands Tuesday. That dwarfs the activity seen in Tesla.
Even with the stock’s parabolic rise, bears have continued to pile in with more than 30% of shares available for trading currently sold short, according to data compiled by S3 Partners. Bets that Richard Branson’s space-tourism company company goes bust stand in stark contrast to the market’s recent realization that wagering against Elon Musk and Tesla hasn’t panned out. Roughly 15% of Tesla shares available for trading are currently short, the lowest level in at least a year, data from S3 show.
Morgan Stanley analyst Adam Jonas offered a warning to investors chasing the rally that recent gains appear “to be driven by forces beyond fundamental factors.” Branson’s Virgin Galactic and Musk’s SpaceX as well as Blue Origin, Jeff Bezos’ rocket company, are racing to make space tourism a reality.
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