CNBC’s Jim Cramer said Wednesday that the rapid climb of Virgin Galactic shares may leave many traders burned and that the company isn’t close to delivering on the promise of space tourism.

“This is what happens when too many people want a stock, round the clock,” Cramer said on “Squawk Box.” “This thing was at $12. No one is going to Mars that I know of, but it can’t be stopped right now, and these things tend to end badly.”

The stock has more than tripled in the past three months and has become a favorite of traders on several platforms. The volume of trades in the name has also multiplied in recent days, with Tuesday’s trading activity being more than eight times larger than average.

Cramer said he did not understand the market’s enthusiasm for the stock.

“I’m not going to say the market’s wrong. I’m going to say I’m out of date. There are people buying Virgin Galactic, and I can’t tell them not to,” Cramer said later on “Squawk on the Street.” “What are you going to tell them, that we’re not going to Mars someday?”

Wednesday was poised to be another big day for Virgin Galactic, opening 13.2% higher at $34.30 per share.

“These guys better put someone on Mars like yesterday,” Cramer said.


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