Home / Business / Virgin Galactic SPCE stock bounces after more support from Wall Street

Virgin Galactic SPCE stock bounces after more support from Wall Street

Sir Richard Branson poses on the floor of the New York Stock Exchange (NYSE) with future spaceman Jennifer Rallison of Canada when Virgin Galactic (SPCE) went public in New York on October 28, 2019.

Brendan McDermid | Reuters

Virgin Galactic shares rose as much as 22% on Monday after Wall Street firms continued to put higher expectations for space tourism stock.

The stock jump came after Bank of America and Susquehanna started reporting on Virgin Galactic. Specifically, the two companies along with six others recommend Virgin Galactic stock to investors, giving the company the eight Wall Street buy ratings ̵

1; and zero to hold or sell.

“No company in our coverage universe has anywhere near comparable growth potential,” said Bank of America analyst Ron Epstein.

Virgin Galactic is currently on its way to its fourth-largest leap in a trading day since its public debut last year. Including Monday’s surge, the stock is up more than 70% this year.

Space tourism has not yet entered commercial service and has no significant income. With quarterly losses of more than $ 50 million, his spacecraft development is complete. Virgin Galactic, however, is nearing its final milestones in development. Two important test flights remain in the coming months. Virgin Galactic announced to shareholders in August that founder Sir Richard Branson is expected to fly in the first quarter of 2021, which will mark the start of its commercial service.

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