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Virgin Galactic (SPCE) Shares Up 17% Following News of Its CEO Voyaging into Space

UTC by Juhi Mirza · 2 min read
Virgin Galactic (SPCE) Shares Up 17% Following News of Its CEO Voyaging into Space
Photo: Richard Branson / Twitter

The launch of Richard Branson into space has made the financial market buzzing with excitement around Virgin Galactic shares.

The investors seem to have expressed their excitement following the news of CEO Richard Branson‘s journeying into space which had made Virgin Galactic Holdings Inc (NYSE: SPCE) shares skyrocket by 17.30% to $52.69. Now in the pre-market, the stock is 0.89% down, trading at $52.22.

The launch would be beneficial for space tourism and requires much more effort before Virgin Galactic ventures into the commercial flight sector.

The inevitable launch of Richard Branson into space this Sunday has made the financial market buzzing with excitement, the investors who are looking forward to this launch had already made investments in Virgin Galactic shares.

Richard Branson’s Virgin Galactic Experiences Jump in Shares Value

Richard Branson who is scheduled to go to space this Sunday has won the space race against former Amazon CEO Jeff Bezos and is expected to go to space this upcoming week. The launch has left many investors feeling happy and has made them invest in the company’s shares which recorded a striking rise in prices by 14%. Considering the fluctuations recorded in the company’s share values, the recent rise in prices is a welcoming response towards the company by investors and stock market enthusiasts.

If everything goes well by Sunday, Branson will successfully initiate a voyage into space. But before that, market analysts have expressed that there is still a substantial amount of work that needs to be done from the company’s end. Virgin Galactic still requires a few more test flights ahead of regular tourist services and also needs to clarify whether the organization will be able to ramp up commercial operations by 2022.

The shares of the company have risen to up to 220% statistically and are expected to go through turbulence regarding fluctuations in prices this week. The investors have been advised to trade carefully and are a challenging industry that needs a bit more time to gain equilibrium.

The company was recording a low price status earlier in may which has now recorded a sudden surge in prices. The surge can partially be accredited to Investment Bank Cowen raising its price to $51 from $23. Analyst Oliver Chen had commented that the launch will be a successful event for the company’s market value and is sure to add more growth and momentum to the company’s existing financial funds and values.

Business News, Market News, News, Stocks
Juhi Mirza
Author Juhi Mirza

Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.

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