MAXR - Space stocks rebound despite Virgin Orbit collapse

2023-04-10 13:43:56 ET

Space stocks rebound despite Virgin Orbit collapse

After filing for Chapter 11 protection last week, Virgin Orbit ( NASDAQ: VORB ) stock continued to slide on Monday.

Shares of the Virgin Galactic ( SPCE ) spin-off slumped 15.72% in afternoon trading, touching a new low. By contrast, its former parent company rebounded to about a 9% gain. The bankruptcy had been a drag on the Richard Branson-founded company in recent weeks before Monday’s bounce.

Other space-related stocks posted notable gains in afternoon trading on Monday. Terran Orbital ( LLAP ), which filed for a $500M mixed shelf offering late last week, also gained about 2.05% , rising alongside Rocket Lab ( RKLB ) +3.71% and space technology and manufacturing firm Velo3D ( VLD ) +8.05% .

Maxar Technologies ( MAXR ) and Astra Space ( ASTR ) marked more modest gains on Monday. Their fractional gains were mirrored by the Procure Space ETF ( UFO ) +0.52% and the ARK Space Exploration & Innovation ETF ( ARKX ) +0.51% .

Read more on Virgin Orbit’s failure to secure funding to stave off insolvency .

For further details see: