Shares of Virgin Galactic Holdings Inc. have bounced back by 3.9% in premarket trades on Thursday, following a slight decline over the past two days.
Recent Volatility
The stock has experienced a downturn for five out of the last six days. This trend continued on Tuesday when it closed the session with a 6.8% drop, marking its most significant daily percentage decline since January 16, when it fell 7.6%.
Successful Penultimate Mission
Virgin Galactic recently completed the penultimate mission of its Unity spacecraft, leading to a temporary halt in its commercial operations as they focus on developing the new Delta-class spacecraft.
The Galactic 06 mission was a significant accomplishment for Virgin Galactic, as it marked the first time that all four seats aboard Unity were occupied by private astronauts.
Future Plans
Looking ahead, Virgin Galactic CEO Michael Colglazier announced during a conference call to discuss the company’s third-quarter results for 2023 that they plan to launch the Galactic 07 flight in the early part of the second quarter.
The introduction of the Delta spacecraft is expected to significantly boost Virgin Galactic’s monthly revenue per flight. Currently, they have a maximum revenue of $2.4 million per flight, but with the Delta spacecraft, this figure has the potential to reach $28.8 million, as stated by the company back in November.
Market Performance
Although Virgin Galactic shares have experienced a decline of 71.9% over the last 52 weeks, it is important to note that the S&P 500 index has seen a gain of 15.9% during the same period.
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