Why Virgin Galactic's Stock Dropped 30% in 2023
It was a rough year for Virgin Galactic (NYSE: SPCE) on the stock market. According to data from S&P Global Market Intelligence, shares have fallen 37.6% since the start of 2023, even though growth stocks had a solid year.
Now that the calendar has turned to 2024, there's more certainty about the future, but investors still seem skeptical about the company's future. Here's what we know right now.
Coming into 2023, Virgin Galactic planned to fly about once a month and slowly move forward on the Delta spacecraft that's under development. But it was becoming clear that the company's cash burn was unsustainable, and late in 2023 the company laid out a new plan.
Source Fool.com
