Virgin Galactic's stock has more than tripled in the past three months, up 298% at the end of trading Wednesday.

Fidelity told CNBC that Virgin Galactic was bought more than any other stock on Tuesday — topping Apple, Tesla and others.

Virgin Galactic and Tesla have similarities that help explain why both are such popular speculative plays for investors.

Virgin Galactic's rally began two months ago but trading in the speculative space company has recently accelerated in a way that tops even the momentum behind Tesla.

Shares of Virgin Galactic shot up 23.3% in trading Wednesday to close at a new record high of $37.35, its highest ever finish and the stock's single best day of trading. This follows a 21% jump on Friday and 5% surge on Tuesday, daily trading spikes that resemble the speculative run in Tesla two weeks ago.