Market News

Virgin Galactic Takes Wings as Commercial Operations Draw Closer

Shares of aerospace and space travel company Virgin Galactic (NYSE:SPCE) are soaring higher in the pre-market session today after Virgin announced it remains on track to begin commercial operations in the second quarter.

The company is now undertaking organizational changes to achieve its targets of increased flight frequency and rapid development of the fleet.

Additionally, the company’s upgrades of VMS Eve have been completed and it expects its mothership to begin ground tests next week.

Virgin shares have gained nearly 21% already over the last five trading sessions. At the same time, short interest in the stock remains high at about 20%. Wall Street too has a Moderate Sell rating on Virgin shares alongside an average price target of $4.71.

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