VORB - Virgin Galactic slides after former subsidiary Virgin Orbit files for bankruptcy

2023-04-04 12:41:41 ET

Virgin Galactic Holdings ( NYSE: SPCE ) fell 13.55% on Tuesday as investors turned skittish following the bankruptcy filing by Virgin Orbit ( VORB ), which was spun off by the space tourism company in 2017.

Shares of Virgin Galactic ( SPCE ) trade near the bottom of the 52-week range of $3.25 to $10.69 and the company's market cap has now slipped below the $1B mark.

The Seeking Alpha Quant Rating on Virgin Galactic ( SPCE ) dropped to Sell from Hold on March 23 ahead of the latest downswing.

Read why Seeking Alpha contributor Tangerine Capital thinks SPCE stock looks more like a gamble than an investment.

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