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Richard Branson Sold $300 million of Virgin Galactic stock
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake. This capital will be spent on Branson’s travel and leisure businesses.
The stock of Virgin Galactic is having a tough time. Investment banks give poor forecasts. Firstly, Morgan Stanley cut its rating on Virgin Galactic stock to ‘Sell’ from ‘Hold’. Secondly, investment bank Credit Suisse downgraded the stock. Finally, UBS cut its rating from ‘Buy’ to ‘Hold’. What are the reasons?
- Investors anticipate that Virgin Galactic will focus on building its new Delta-class spaceplane, which won't be used before 2024.
- Credit Suisse forecasts Virgin Galactic will make nearly six revenue-generating flights with Unity and Imagine till the end of 2022. By 2023, the number of flights may rise to 25-30, but still, it’s not enough.
- Virgin's target is 400 flights per year, and this goal is expected to be reached only in 2027. Too far away!
Overall, the stock is moving down, and we could wait for long before the stock reverses up. The good news for FBS traders is that they can open sell positions as well! You can trade stocks just like you trade currency pairs!
Virgin Galactic has broken below the 61.8% Fibonacci retracement level of $30.00. Thus, it’s more likely to drop to the next support level, which is the psychological mark of $20.00. The stock may struggle to cross this level on the first try and even some bulls may enter the market at this level. However, if the stock drops below the $20.00 support level, it may fall to the low of May 13 at $15.00. Resistance levels are the 61.8% Fibonacci retracement level of $30.00 and the 50% Fibonacci level of $35.00.
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