What happened Shares of Virgin Galactic Holdings (NYSE: SPCE) fell as much as 13.1% in trading on Wednesday, continuing a slide that's beaten down shares all week. Since the close of trading on Friday, shares are down 31.6% as I'm writing, trimming over $3 billion in value off the company. The only announcement out from Virgin Galactic today was the scheduling of its second-quarter 2021 earnings announcement for Thursday, Aug. 5, after the market closes. But that's not what's moving this growth stock today. Image source: Virgin Galactic. So what The sell-off in Virgin Galactic shares began early this week after management filed to sell as much as $500 million in stock. The sale wasn't a block sale at a set price, but instead will be made "from time to time" through "sales agents." In other words, the company may have sold a large chunk of stock earlier this week, or it may have sold nothing, sitting on the $630 million in cash it had on the balance sheet as of March 31. Investors will likely get an update on the stock sale and cash position on the earnings call, not to mention what management plans to do with the cash. As Virgin Galactic moves closer to commercial operations it may ramp up spending on spacecraft and other operations, which could be a good use of the cash to drive growth. Now what The sell-off this week seems to be a lot of "sell the news" after last weekend's space flight, which included Sir Richard Branson. With a volatile stock like Virgin Galactic that's not entirely surprising, and for long-term investors it could create a buying opportunity. If shares fall much further I'll be looking to add shares to my portfolio in what could be a revolutionary space tourism and travel company. 10 stocks we like better than Virgin Galactic Holdings IncWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Virgin Galactic Holdings Inc wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Travis Hoium owns shares of Virgin Galactic Holdings Inc. The Motley Fool owns shares of and recommends Virgin Galactic Holdings Inc. The Motley Fool has a disclosure policy.Source