Options Market Darlings Virgin Galactic, Plug Power Are Surging Again

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A number of stocks that have captured investor attention are continuing their gains as the options market more and more resembles a roulette wheel.

Richard Branson’s space-tourism company Virgin Galactic Holdings Inc. jumped as much as 15% on Wednesday, marking another day of double-digit gains. Meanwhile, Plug Power Inc. rose as much as 8.9% to extend a five-year high as retail investors talked up their positions on message boards liker/wallstreetbets on Reddit. Fellow renewable energy equipment-makerFuelCell Energy Inc. rose as much as 17%.

Tesla Inc., a favorite among retail investors, jumped as much as 7.8% after analysts at Piper Sandler Cos. raised theirprice target to the highest on Wall Street.

As the four stocks extend their rallies, bets in the options market are also continuing to mount. Tuesday saw options volume that dwarfed historical averages, and that extended into Wednesday. As of 9:46 a.m. in New York, Tesla February calls that expire at the end of the week were among the most traded equity options.

Much of the group’s rise in recent weeks has come without concrete news. Virgin Galactic is due to report a quarterly update next week.

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