Is There Any Hope Left for Virgin Galactic Stock?
The pandemic stock market bubble was a wild time. Start-ups were going public at what seemed like a daily rate, and most of them had shaky business models. We don't need to rehash the meme stock fad, which may have been the most ridiculous part of the last few years.
One quintessential pandemic bubble stock was Virgin Galactic (NYSE: SPCE). The space tourism company was funded by billionaires Chamath Palihapitiya and Richard Branson, going public through a special purpose acquisition company (SPAC) in late 2019. Even though the company had an unproven business model and generated virtually zero revenue, investors loved the idea of a "space economy" stock and bid it up to astounding heights. At one point in 2021, Virgin Galactic had a market cap of $12 billion.
Today, Virgin Galactic shares are down 98% from all-time highs as the business continues to burn money and dilute shareholders. Is there any hope left for this pandemic favorite? Let's investigate.
Source Fool.com
