MicroStockHub/iStock via Getty Images
Virgin Galactic Holdings (NYSE:SPCE) finally cooled off on Wednesday after a strong run in 2023 that saw shares rally more than 40%. The highly-shorted stock fell 12.10% on volume of over 14M shares.
Last week, the spaceflight company announced that planned upgrades of VMS Eve are complete and the mothership is expected to enter ground tests next week before commencing flight tests to verify the enhancements to the ship. Notably, the company said commercial service remains on track to begin in Q2 of this year. That would mean 2023 could be the year that revenue becomes more meaningful for SPCE.
Seeking Alpha authors are bullish in general on SPCE, while Wall Street has a consensus Hold rating on the stock. Meanwhile, the Seeking Alpha Quant Rating is at Sell.
The decline in Virgin Galactic pushed shares back down to level with their 200-day moving average.
