Shares of Virgin Galactic surged nearly 25% in trading after Wall Street firms continued setting higher expectations for the space tourism stock Monday.
The stock jump arrived after Bank of America and Susquehanna began coverage of Virgin Galactic. Notably, the two firms join six others in recommending Virgin Galactic’s stock to investors, giving the ongoing company the eight Wall Street buy ratings – and zero to carry or sell.
“No company in our coverage universe has anywhere near comparable growth potential,” Bank of America analyst Ron Epstein stated.
Virgin Galactic’s 24.8% jump, with shares closing at $20.51, was its second-biggest in a trading day since its public debut year that is last. Including Monday’s climb, the stock is up about 78% this year. Shares of Virgin Galactic surged nearly 25% in trading
The room tourism has yet to begin service that is commercial lacks significant revenue, with quarterly losses in excess of $50 million as it finishes developing its spacecraft. But Virgin Galactic is closing in on its final development milestones, with two key test that is remaining within the coming months. Virgin Galactic told investors in August it expects to fly founder Sir Richard Branson in the very first quarter of 2021, which will efficiently mark its beginning service that is commercial.
Shares of Virgin Galactic rallied nearly 20% after two Wall Street analysts began addressing the stock with a buy rating, with one calling its growth possible “unparalleled.” Monday.
That boost put Virgin Galactic stock SPCE, +24.83% on course for its close that is highest in eight weeks and its particular largest one-day increase since April 14. Monday’s gains also stretched the shares’ winning streak to a session that is third.
The stock has gained 72% this, contrasted with gains of around 4% for the S&P 500 index year. SPX, +1.61% All seven analysts surveyed by FactSet rate it a buy, with an price that is average of $25.43, representing an upside around 27%.