Virgin Galactic (SPCE) Plunges 4% as Founder Richard Branson Sells Over $150 Million in Stock_老虎社区_美港股上老虎

Virgin Galactic (SPCE) Plunges 4% as Founder Richard Branson Sells Over $150 Million in Stock

StreetInsider2021-04-15

Shares of Virgin Galactic (NYSE: SPCE) are trading over 4% lower in pre-open Thursday on news that founder Richard Branson sold over $150 million in stock in the past three days.The SEC filing shows ...

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He was selling at prices between $26.85 and $28.73 to generate returns of $150.3 million. Shares were sold in the open market via a 10b5-1 Plan.Shares of the company have been trading in a continuous downtrend this year. A low for the year comes at $23.94, representing a decrease of about 60% compared to the all-time high of $62.80 set just four weeks earlier.On Wednesday, shares closed at $26.68 up 12% for the year.This news comes after Chamath Palihapitiya, the chairman of Virgin Galactic, sold about 6.2 million SPCE shares worth about $213 million at the average selling prices. 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