Bulletin
Investor Alert

Market Pulse Archives

Aug. 31, 2021, 3:02 p.m. EDT

Virgin Galactic stock surges amid bullish view of space-tourism opportunity

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Virgin Galactic Holdings Inc. (SPCE)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Emily Bary

Shares of Virgin Galactic Holdings Inc. /zigman2/quotes/208333884/composite SPCE -2.43% are up 11.7% in Tuesday afternoon trading after Jefferies analyst Greg Konrad weighed in with an upbeat view of the prospects for space tourism and Virgin Galactic's positioning in that market. He initiated coverage of the stock with a buy rating and $33 price target. Konrad is encouraged by consumer interest in space as well as "a recovering economy that is experiencing rapid GDP growth and wealth," which could help drive a bigger market for Virgin Galactic's "premium offering." He sees space tourism as potentially a $120 billion market, and one that could drive Virgin Galactic to deliver $1.7 billion in annual revenue by 2030. Konrad's consumer survey of more than 200 people with a disclosed net worth above $1 million found strong awareness of the Virgin Galactic brand. Among respondents, 37% were interested in traveling to space, with about 30% of them willing to spend more than 5% of their net worth to do so and 10% willing to spend upwards of 10%. Virgin Galactic shares have gained 58.4% over the past 12 months as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.11% has risen 28.9%.

/zigman2/quotes/208333884/composite
US : U.S.: NYSE
$ 19.66
-0.49 -2.43%
Volume: 8.64M
Oct. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.06 billion
Rev. per Employee
$289.19
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,544.90
-4.88 -0.11%
Volume: 1.82B
Oct. 22, 2021 5:04p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.