Shares of Virgin Galactic Holdings Inc. (NYS:SPCE) were vaulted 14% higher active premarket trading Wednesday, putting them on track for an eighth straight gain, and seventh straight record close, amid growing intrigue over recreational space flight. Volume topped 3.3 million shares ahead of the open, compared with the full-day average of about 16 million shares. On Tuesday, SpaceX, the privately held company founded by Tesla Inc. (NAS:TSLA) Chief Executive Elon Musk, said it was working with Space Adventures Inc. to launch up to four tourists into super-high orbit, maybe even by the end of 2021. Space Adventures has helped provide tourists with trips to the International Space Station. Virgin Galactic stock has rocketed 64% over the past seven sessions, highlighted by news last week that the company had completed the relocation of its VSS Unity spaceship to Spaceport American in New Mexico, which allows the company to engage in the final stages of its flight test program. Virgin Galactic's stock has more than tripled (up 223%) over the past three months through Tuesday, while the S&P 500 (S&P:SPX) has gained 8.0%.
Feb. 19, 2020, 9:28 a.m. EST