Why Virgin Galactic Stock Dropped on Thursday
Shares of space tourism company Virgin Galactic (NYSE: SPCE) fell as much as 10.5% in trading on Thursday as the hype of trading early in the week fades. At 3 p.m. ET, shares were only down 5.2% but have now been trading steadily lower for two days.
Today's trading trend is really an unwinding of the pop in shares on Tuesday. Late last week, the company announced it will open a new flight window from June 27 to June 30, 2023. This flight will include three members of the Italian Air Force and the National Research Council of Italy, who are conducting microgravity research.
This is the first commercial flight for Virgin Galactic and will kick off flights that could generate $2 million to $3 million per flight. Years of delays have plagued the company, so simply getting off the ground with paying customers is welcome news, even though the timing of the flight has been known for months.
Source Fool.com
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