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The biggest newsmaker of the stock market in the past few days has been Virgin Galactic. The stock jumped by more than 20% in premarket trading on Monday. Earlier this month, it dropped more than 30% for the year.
Space tourism is an industry of the future that captures the attention of many. Yet, the recent few months have brought a lot of disappointment: Virgin Galactic initially wanted to make a test flight in December but had to delay the launch by 6 months. During this period, the future looked very uncertain. The news that Sir Richard Branson sold more than $150 million worth of the company’s stock in April didn’t help either.
Then, however, a ray of sunshine appeared. On May 22, Virgin Galactic did conduct a successful spaceflight test. It’s not hard to see why the market saw that as a major breakthrough: investors decided to jump in buying the stock at a low price.
The stock is currently trading around $24, while the average analysts’ forecasts are at $33. This means that Virgin Galactic may have a growth potential of more than 37%. Notice that this level represents about half of the high set in February around $60.
Of course, many things can happen in the future, and the firm has a lot to achieve. For a start, it needs to perform three more test flights before it becomes able to fly commercial customers. There’s no guarantee that no incidents happen. Next, it’s still hard to estimate how much revenue the business will bring, initial investments are certainly immense. One thing that doesn’t cause any doubts is that the stock of Virgin Galactic will offer great price swings for traders to take advantage of.
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Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.
Richard Branson offloaded nearly 10 million shares, which equals about 4% of the Virgin Galactic stock, leaving him with an 18% stake.
Today at 00:00 GMT+3 SPCE will present the second quarter 2021 financial results. We will get to know everything about the company's financial condition and plans.
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
Every week we expect many interesting events that can shake the market.
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