Virgin Galactic's commercial service delay sparks downgrade [FOX Business Network]
Virgin Galactic Holdings, Inc. (SPCE)
Company Research
Source: FOX Business Network
Shares of Richard Branson's Virgin Galactic tumbled Monday after the aerospace giant's stock was downgraded from a buy to a hold rating by Truist Securities analyst Michale Ciarmoli. The firm has slashed its price target on Virgin Galactic from $24 to $8 per share. Ticker Security Last Change Change % SPCE VIRGIN GALACTIC HOLDINGS INC. Powered By The move comes after Virgin Galactic announced on Thursday that it would push back commercial service for its spaceflights from the fourth quarter of 2022 to the first quarter of 2023, citing "escalating supply chain and labor constraints." "The combination of supply chain delays, timing risk, slide-out of comm'l flights to 1Q23, a lack of operational catalysts and rising interest rates drive our downgrade rationale," Ciarmoli wrote in a note to clients on Monday. "We see supply chain and labor tightness potentially leading to additional slippages of commercial operations and believe a return to flight might not materiali
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News
- Virgin Galactic Announces Date of First Quarter 2024 Financial Results and Conference CallBusiness Wire
- Why Virgin Galactic Stock Just Crashed 16.5% [Yahoo! Finance]Yahoo! Finance
- Virgin Galactic Eyes Reverse Stock Split in Bid to Stay on NYSE [BNN Bloomberg (Canada)]BNN Bloomberg
- Dark Space is building a rocket-powered boxing glove to push debris out of orbit [TechCrunch]TechCrunch
- Dark Space is building a rocket-powered boxing glove to push debris out of orbit [Yahoo! Finance]Yahoo! Finance
SPCE
Earnings
- 2/27/24 - Beat
SPCE
Sec Filings
- 4/23/24 - Form 4
- 4/23/24 - Form 4
- 4/19/24 - Form 4
- SPCE's page on the SEC website