Why Virgin Galactic Shares Are Grounded Today
The long-awaited launch of Virgin Galactic Holdings (NYSE: SPCE) commercial service has been pushed back once again. Investors are in no mood to hang around and wait, sending the shares down as much as 15% in Friday trading.
Virgin Galactic captured investor imagination with its plans for a space tourism venture, but the company over the past few years has found out the hard way that conquering the Earth's gravity pull is a difficult and time-consuming endeavor. The company had originally hoped to begin scheduled service in 2020 prior to founder Richard Branson's 70th birthday, but after a series of delays has still done nothing more than a series of test missions.
Image source: Virgin Galactic.
Source Fool.com
