Why Virgin Galactic Stock Is Under Pressure Today
A Wall Street analyst has initiated coverage on Virgin Galactic Holdings (NYSE: SPCE) with an underperform rating, and investors on Tuesday are taking the advice to heart. Shares of the company traded down as much as 7% on concerns about how long it will take for the space tourism start-up to fulfill its potential.
Virgin Galactic has spent most of 2022 falling back toward Earth, with the shares losing more than half of their value in the first half of the year and continuing that downward momentum into the Fall.
In part, Virgin Galactic is the victim of the market's turn away from space stocks and other, more speculative, sectors. But part of it has also been company-specific issues, including most notably Virgin Galactic's failure to adhere to its internal timeline to launch commercial service.
Source Fool.com
