Why Virgin Galactic Stock Jumped 33% Today
Shares of space tourism company Virgin Galactic (NYSE: SPCE) got a massive boost on Thursday after management announced earnings and some cost cuts to the business. Investors reacted by pushing shares as much as 33.3% higher, and the gains have held at 26.9% as of 11:00 a.m. ET.
Virgin Galactic isn't generating much revenue from its single spacecraft, so investor focus has been on the company's cash runway and development of the Delta Class spacecraft that will be able to fly multiple times per week and carry six passengers, up from four today. And the announcement gave some very positive news on both fronts.
Image source: Virgin Galactic.
Source Fool.com
