Why Virgin Galactic Stock Continues to Slump
Space tourism pioneer Virgin Galactic Holdings' (NYSE: SPCE) stock shed another 4.8% of its market capitalization Wednesday afternoon, falling 5% to $29.25 per share as of 12:50 p.m. EDT -- and yet, the story at Virgin Galactic really hasn't changed much since the company unveiled its shiny new VSS Imagine spaceplane last week.
Virgin Galactic now has two fully built spaceplanes in its inventory. It's still midway through test-flying the first one. It still hopes to resume test flights in May. And there's still at least a theoretical chance that it could begin flying paying passengers -- if not this year, then next.
While the interruption in the flight test schedule may frustrate short-term investors, long-term investors still have reason to hope that at some point, Virgin Galactic will develop a viable revenue-generating business flying tourists to the edge of space and then bringing them home again.
Source Fool.com
