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July 12, 2021, 7:52 a.m. EDT

Virgin Galactic stock shoots higher after successful flight to suborbital space

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By Tomi Kilgore

Shares of Virgin Galactic Holdings Inc. /zigman2/quotes/208333884/composite SPCE -1.76% shot up 6.0% in premarket trading Monday, a day after Founder Richard Branson and five crewmates successfully flew suborbital space on the company's VSS Unity rocket-powered spaceplane. In a live-streamed flight on Sunday, the Unity crew experienced several minutes of weightlessness before returning to earth. "Space is for all humanity, which is why we're giving YOU the chance to win 2 seats on one of the first @virgingalactic flights to space now!", Branson tweeted after his landing . Truist analyst Michael Ciarmoli reiterated his buy rating and $50 stock price target, saying the successful completion of the Unity flight was a "significant milestone" for the company. "Near-term, we expect that publicity around the commencement of SPCE's commercial space tourism operations could also benefit from sweepstakes announced on Sunday, offering a chance to win two tickets on one of the company's earliest flights open to customers," Ciarmoli wrote in a note to clients. Virgin Galactic's stock has soared 107.3% year to date through Friday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -2.27% has gained 16.3%.

/zigman2/quotes/208333884/composite
US : U.S.: NYSE
$ 16.73
-0.30 -1.76%
Volume: 5.41M
Nov. 26, 2021 1:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.39 billion
Rev. per Employee
$289.19
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/zigman2/quotes/210599714/realtime
US : S&P US
4,594.62
-106.84 -2.27%
Volume: 2.10B
Nov. 26, 2021 2:12p
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