Virgin Galactic Shares Are Trading Lower: Here's What You Need To Know - Virgin Galactic Hldgs (NYSE:SPCE

Benzinga

2024-06-19 00:34

Virgin Galactic Holdings, Inc. (NYSE: SPCE) shares are traded lower Tuesday potentially on continued weakness following the company's 1-for-20 reverse stock split that went into effect Monday.

　　Virgin Galactic Holdings, Inc.SHTTPSSPCE shares are traded lower Tuesday potentially on continued weakness following the companys 1-for-20 reverse stock split that went into effect Monday.

　　What‘s Going On:Virgin Galactic shares began trading on a split-adjusted basis on Monday. The split was aimed at raising the company’s stock price to meet the NYSEs minimum bid price requirement for continued listing.

　　Despite successfully launching four tourists aboard its VSS Unity spaceplaneon June 8, Virgin Galactics stock has plummeted over 40% in the past month. The company plans to replace VSS Unity with its Delta class spaceships, expected to enter commercial flight in 2026.

　　Virgin Galactic has seen high trading volume Tuesday. The stocks year-to-date performance is down 91.24%, highlighting ongoing challenges despite recent achievements.

　　SPCE Price Action: Virgin Galactic shares closed Tuesday down 13.7% at $10.10, according to Benzinga Pro.

　　Courtesy of Virgin Galactic Inc.

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