The Virgin Galactic (NYSE:SPCE) stock has gone on a strong upward move this morning during the premarket trading period and soared by 21% after the company scheduled its next test space flight for May 22.
Earlier on the stock had been in the middle of a slump as investors grew concerned that Virgin Galactic was going to postpone the test flight that was supposed to take place in May.
Any kind of delay was expected to have put considerable pressure on the stock and in this regard, the presence of a competitor in the form of Blue Origin is not to be discounted.
Last week the company had announced its financial results for the first fiscal quarter. However, at the time, Virgin Galactic stated that the date of the next space flight was still under discussion. There are still four test flights that have to be scheduled by Virgin Galactic before it starts its commercial service next year.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.