Why Virgin Galactic Stock Fell in August
The multiyear journey of Virgin Galactic Holdings (NYSE: SPCE) to try to launch a space tourism service took another setback in August, and a growing number of investors and analysts appear to be losing hope. Shares of Virgin Galactic fell 20.6% in August, according to data provided by S&P Global Market Intelligence, after the company once again pushed back its launch timetable.
Investors had high hopes for Virgin Galactic when the space stock hit public markets in October 2019, but it has been a mostly downward journey for the shares in recent years. The company had originally hoped to launch regular service to space in 2020, in time for founder Richard Branson's 70th birthday, but a series of delays has left Virgin Galactic grounded.
The stock lost about half of its value in the first six months of 2022 after Virgin Galactic said it would not launch a regular schedule this year. In early August the company said the target for commercial operations is the second quarter of 2023, later than some investors had hoped.
Source Fool.com
