Virgin Galactic (NYSE: SPCE) is a company for space tourism. It has already been one year since SPCE has been launched for all. Since the last one year, the stock of SPCE has increased by approximately 270%. In the world of the stock market, if you invested $1,000 in SPCE shares during the beginning of December 2019, your shares will now be worth $3,700.
Virgin Galactic stock is an extension of Virgin Group, founded by Richard Branson, who had earlier established Virgin Atlantic Airways. On 5th November, Virgin Galactic released the results of the 3rd quarter.
Michael Colglazier, the CEO, has stated that in the current quarter, they have made positive improvements by finishing the last steps of preparing the first rocket-like flight test of VSS Unity at Spaceport in the US in the month of November. He added that this is going to be the very first human spaceflight. Since this statement, the prices of Virgin Galactic stock has surged to almost $27.
Momentum Of SPCE Stock
The company has been public through a reverse merger for a SPAC which witnessed a dramatic surge in 2020. During the month of October, a new ETF was started and the funds increased by more than 5%.
At the same time, the Space Industry has been gradually gathering good momentum. At the beginning of November, Elon Musk’s SpaceX, in collaboration with NASA, had propelled the rocket, Falcon 9, to orbit and garnered a lot of attention. Blue Origin is another space enterprise funded largely by Jeff Bezos.
The space industry will experience a rapid expansion throughout the US and SPCE will be one of the major initiatives. At present, Virgin Galactic is the only space company that provides a ticket to space to retail investors.