Why Shares of Virgin Galactic Are Down Today

Virgin Galactic Holdings (NYSE: SPCE) is delaying a test flight due to new government-imposed COVID-19 restrictions. Investors have been counting on the company completing the tests this year and staying on track to begin revenue-generating flights in 2021, so the stock fell almost 10% on Monday morning as a result of the delay.

Virgin Galactic isn't generating much revenue right now, and the company's goal of beginning to fly tourists into space in 2020 was thwarted by the pandemic. Investors now hope service will begin next year, but that can't happen until after some additional test flights are performed.

Image source: Virgin Galactic.

Source Fool.com