Why Space Stocks Virgin Galactic and BlackSky Dropped Today -- but AST SpaceMobile Popped
Wednesday is turning into a mixed day for investors in the space industry, as shares of recent highfliers Virgin Galactic Holdings (NYSE: SPCE) and BlackSky Technology (NYSE: BKSY) -- up 74% and 31%, respectively, since the start of the month -- turn south and give back some of their gains. As of 11:30 a.m. ET, Virgin Galactic shares are down 7.2% today, and BlackSky is 5.6% in the red.
On a brighter note, cell-phones-from-space company AST SpaceMobile (NASDAQ: ASTS) has some good news today, which is lifting its shares a healthy 2.8%.
Why are Virgin Galactic and BlackSky stocks down today? The answer is probably as simple as "profit-taking." As noted above, both stocks have enjoyed incredible gains in the first half of June, as space investors bet on:
Source Fool.com