Why Virgin Galactic Stock Jumped 8.4% on Wednesday

Shares of space company Virgin Galactic Holdings (NYSE: SPCE) jumped as much as 8.4% in trading on Wednesday after the company got an analyst upgrade. Shares trailed off late in the day but were still up 7.5% at 3:30 p.m. EDT. 

The catalyst today was analyst Ken Herbert at Canaccord, who initiated coverage on the stock and gave it a $35-per-share price target. He said the company will get a positive catalyst when space tourists start flying, especially celebrities like founder Richard Branson. 

Image source: Getty Images.

Continue reading

Source Fool.com