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Virgin Galactic’s Flight to Space Successful; Shares Rise 10% — Report

Aerospace company Virgin Galactic Holdings’ (SPCE) founder Richard Branson and his five crew members successfully completed a flight to space on July 11, according to a report by MoneyControl. The company develops commercial spacecraft and aims at providing suborbital spaceflights to space tourists.

The flight reached an altitude of approximately 53 miles above the New Mexico desert before returning to Virgin’s Spaceport America base. The flight was aimed to boost the company’s confidence, as it plans to start a paid spaceflight service next year.

Virgin’s shares gained 9.7% in pre-market trading on Monday. (See Virgin stock chart on TipRanks)

Last week, Cowen & Co. analyst Oliver Chen maintained a Buy rating on the stock and increased the price target from $23 to $51 (3.7% upside potential). The analyst believes ticket sales, marketing programs and improved visibility should support the company’s valuation.

Overall, the stock has a Moderate Buy consensus rating based on 4 Buys, 6 Holds and 1 Sell. The average Virgin Galactic price target of $36.91 implies 25% downside potential. The company’s shares have gained 171.8% over the last year.

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