In recent times, the Virgin Galactic (NYSE:SPCE) stock has managed to garner a lot of attention in the markets due to its remarkable. Over the course of the past month, the stock has gained as much as 50%, and most of that had to do with some recent developments. Hence, it could be a good idea for investors to take a closer look at the commercial space flight company and recent developments related to it.
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First Test Flight
The launch of Virgin Galactic’s first test flight is eagerly anticipated and this Monday the company provided the authorities with an update with regards to its progress on that count. It is a significant development for the company since the test flight marks the final stage before Virgin Galactic can start its commercial space flight operations.
The President of the company Mike Moses revealed that the test flight is going to take off from Spaceport America. He went on to state that it is a significant milestone for the company.
In addition to that, Moses also informed that the test flight in question is going to take place with all the necessary COVID 19 precautions in place. The company has already moved its operations to Spaceport America and as of now, 180 people have been employed.
While it is true that the Virgin Galactic stock has managed to deliver significant gains over the last month, it is also necessary to note that on Tuesday the stock experienced some volatility. After having rallied by as much as 6.7% yesterday, the stock declined by 2% barely an hour later.
In this regard, it needs to be pointed out that well-known short-seller Jim Chanos spoke at an investment conference in New York yesterday and said that he was going to ‘go long’ on space companies.
Considering the fact that a short seller was going to go long, the Virgin Galactic stock naturally rallied. However, CNBC journalist Scott Wapner tweeted that the comment from Jim Chanos had actually been a joke and that was possibly the reason why the stock declined soon after.
On the other hand, the Virgin Galactic stock also got a significant boost last month after two analysts rated the stock as a ‘buy’. Ronald Epstein at Bank of America stated that the company is currently a market leader in its industry. He went on to state that its capabilities with regards to vertical integration are unparalleled.