Why Planet Labs and Virgin Galactic Dropped Today -- but Virgin Orbit Popped
Monday was a hard day to own space stocks, as investors in companies like Rocket Lab USA, Astra Space, Planet Labs (NYSE: PL), and Virgin Galactic (NYSE: SPCE) rejected growth stocks and sold off space stocks wholesale.
Tuesday, investors are being a bit more selective. On the one hand, shares of satellite operator Planet Labs and space tourism pioneer Virgin Galactic are both still in the red -- down 6.7% and 0.5%, respectively. On the other hand, Virgin Galactic's sister company, Virgin Orbit (NASDAQ: VORB), which launches satellites into orbit from rockets deployed mid-air from a converted 747 airliner, is doing just fine today.
Better than fine, in fact. As of 2:50 p.m. ET, Virgin Orbit stock is up 19%.
Source Fool.com
