Why Virgin Galactic Stock Tanked Friday

In a week when private space tourism competitor Blue Origin stole the spotlight, Virgin Galactic (NYSE: SPCE) took over the headlines Friday, but for the wrong reason. With news that the company is again pushing back its initial commercial flights, investors are bailing from the stock. As of 10:25 a.m. EDT, Virgin Galactic shares are down more than 13%, after being as much as 16% lower earlier.

Blue Origin launched its second flight with civilians aboard this week, and gained much publicity with Star Trek's William Shatner among them. Shatner, who famously played Captain Kirk in the franchise, at 90 years old became the oldest person to get to zero gravity, as the company's ship reached the edge of space. The flight also contained paying customers. So it stings even more that Virgin Galactic announced last night that it will need to delay its first commercial launch until the fourth quarter of 2022.

Image source: Virgin Galactic.

Source Fool.com