Why Virgin Galactic Stock Bounced Back in July
It was pretty much business as usual for Virgin Galactic Holdings (NYSE: SPCE) in July, with the company showing slow but steady signs of progress as it looks to commence its space tourism service. For a company best known for drama and delays, that was reason enough to celebrate, with investors sending Virgin Galactic shares up 23.6% for the month, according to data provided by S&P Global Market Intelligence.
For the better part of the last year, the big news out of Virgin Galactic has been what is not happening. The company had hoped to launch scheduled service in time for founder Richard Branson's 70th birthday, back in 2020, but a series of testing mishaps and the impact of the pandemic have caused Virgin Galactic to delay its planned business launch for years.
The space stock lost half of its value in the first half of 2022 after the company delayed the launch of scheduled service until 2023, and investors had little reason to believe that the latest timeline would hold. So, when Virgin Galactic in late June and early July fired off a series of press releases announcing plans to build a new mothership for its spacecraft and disclosing where its new Delta-class spaceship would be assembled, investors breathed a sigh of relief.
Source Fool.com
