Why Shares of Virgin Galactic Are Falling Today
Shares of Virgin Galactic Holdings (NYSE: SPCE) fell 15% at the open on Monday following a weekend test flight that didn't go as planned. Space is hard, and investors got a fresh reminder of how many things can go wrong in an attempt to break free from Earth's pull during the latest test.
It's been a frustrating year for Virgin Galactic. The space tourism company had originally hoped to begin commercial service in 2020, but a series of pandemic-related delays has pushed back the test schedule.
The company finally was able to conduct a test from its Spaceport America in New Mexico over the weekend, but things did not go as planned. Virgin Galactic in a statement said that the Unity spaceship's onboard computer that monitors the rocket motor lost connection shortly after the spacecraft was released from its mother ship.
Source Fool.com
