Why Virgin Galactic Stock Is Down Over 20% This Week
It was just a month ago when space tourism company Virgin Galactic Holdings (NYSE: SPCE) was celebrating a successful flight to the edge of space with company founder Sir Richard Branson on board. The company's stock ran up ahead of that flight, but much of those gains were lost this week, and part of it is due to activity by Branson himself. For the week, Virgin Galactic shares are down almost 25% as of midday Friday.
Pressure on the shares began when the company reported its second-quarter financial results late last week. The company provided an updated flight plan schedule which included a months-long maintenance period after the next scheduled test flight in late September. That effectively pushes back its plans for its first commercial service flight by close to a year. It previously had targeted early 2022 to begin its commercial service.
Source Fool.com
