Why Virgin Galactic Stock Is Rocketing Higher Today
Shares of Virgin Galactic Holdings (NYSE: SPCE) jumped by nearly 20% at the open on Thursday after the space tourism company said it would resume test flights as soon as Saturday. As of 10 a.m. EDT, the stock was still up by around 13%.
Virgin Galactic has experienced a lot of turbulence over the past year. The company had originally hoped to begin commercial operations last year, but those plans were foiled by a combination of pandemic-related complications and testing issues.
Its shares plunged last week after management warned it was evaluating a new issue that it said could further delay testing. This latest problem involved the VMS Eve, the composite plane that was designed to carry the spaceship Unity to an altitude of about 50,000 feet and launch it from there into space. Virgin Galactic said at the time that it had discovered fatigue and stress issues with the plane, and needed time to assess the damage.
Source Fool.com
