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Even Virgin Galactic Loyalists Are Starting to Lose Faith
- Stock has sunk 53% since June 12 reverse split announcement
- Retail investors hold more than half of the firm’s shares
After braving years of ups and downs for Virgin Galactic Holdings Inc., even its most loyal investors are losing faith.
The final straw for many was a 1-for-20 reverse stock split last month intended to get the shares back above $1 to comply with New York Stock Exchange listing requirements. The stock has already lost much of that artificially created value, leaving investors with fewer shares that are worth far less.