Why Virgin Galactic Stock Zoomed 4% Higher on Wednesday
Space stock Virgin Galactic Holdings (NYSE: SPCE) drifted skyward on Wednesday, rising by 4% in value. The rocket boost came from an analyst tracking the company, now bullish on its prospects. Virgin Galactic's move easily eclipsed the S&P 500 index on the day; this only drifted less than 0.1% higher.
That prognosticator was Alembic Global Advisors' Pete Skibitski, who now believes Virgin Galactic can be classified as neutral at a price target of $4.75 per share. Prior to that, he had recommended it as underweight (i.e., sell). The contents of Skibitski's analysis weren't available for review, so the reasoning behind the recommendation upgrade on the space stock is unclear.
Regardless, it isn't surprising that a stock-watcher is becoming more optimistic about Virgin Galactic's prospects. At the end of May, the company successfully launched a crewed space flight. This was a great relief to its investors, as this was the first such journey in almost two years.
Source Fool.com
