Virgin Galactic (NYSE:SPCE) shares are gliding upward today after the aerospace and space travel company set June 29 as the target flight date for ‘Galactic 01’. This is slated to be the first commercial spaceflight for Virgin.
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The 90-minute flight will carry three crew members from the Italian Air Force and the National Research Council of Italy for multiple suborbital science experiments.
Importantly, the flight will be livestreamed worldwide on the company’s official website. Virgin’s shares had come under pressure recently after it announced plans to raise $400 million via a share sale.
The company is looking to tap the funds to develop its fleet and boost its commercial operations. The fund raise though, will mean dilution for current investors of the company. Moreover, its widening losses also remain a concern for investors.
Overall, the Street has a $3.81 consensus price target on Virgin Galactic alongside a Moderate Sell consensus rating. Despite today’s uptick, shares of the company still remain nearly 32% lower over the past year.
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