Virgin Galactic Stock Rating Downgraded By Truist

The commercial space company is experiencing another round of delays, resulting in another drop in stock value.

Monday, May 09, 2022 at 01:56 PM ET

Verified

In June 2021, company shares sold for nearly $60 a share—as of Monday afternoon, it was down to $6.22. [Courtesy: Virgin Galactic]

Key Takeaways:

Truist Securities slashed its price target for Virgin Galactic after the commercial space company delayed its flight schedule until next year.

Truist cut its price target for Virgin Galactic (NYSE: SPCE) from $36 to $8. This came after Virgin Galactic’s price fell nearly 13 percent over the past week. In June 2021, company shares sold for nearly $60 a share—as of Monday afternoon, it was down to $6.22.