Virgin Galactic Shares Traded Lower Tuesday: Here's What You Need To Know
Portfolio Pulse from Vaishali Prayag
Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares are trading lower following a 1-for-20 reverse stock split aimed at meeting NYSE's minimum bid price requirement. Despite a successful tourist launch, the stock has dropped over 40% in the past month and is down 91.24% year-to-date. The company plans to replace its VSS Unity spaceplane with Delta class spaceships by 2026.
June 18, 2024 | 8:34 pm
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Virgin Galactic shares are trading lower following a 1-for-20 reverse stock split. Despite a successful tourist launch, the stock has dropped over 40% in the past month and is down 91.24% year-to-date. The company plans to replace its VSS Unity spaceplane with Delta class spaceships by 2026.
The reverse stock split was intended to meet NYSE's minimum bid price requirement, but the stock has continued to decline, indicating investor concerns. The significant year-to-date drop and recent 40% decline highlight ongoing challenges despite recent achievements. The planned replacement of VSS Unity with Delta class spaceships by 2026 is a long-term goal that does not alleviate short-term investor concerns.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100