Over the last three months, Virgin Galactic has seen a long and steady decline in its price, finally reaching a low of 72%. Now the stock is beginning to show signs of recovery, presenting a cheap entry for buyers.
With an aim to provide commercialised space travel in the future, Virgin Galactic has seen its stock price fall to historic lows at around $14.50 per share – down from a high of $62.50 three months ago. This presents an opportunity to buy shares in the company at bargain prices compared to its all time highs and over the last day its price has spiked by around 25%, suggesting that a rally may be incoming.
The stock has also seen an increase in social media mentions, particularly on Reddit where the stock has seen a flurry of posts claiming that the stock presents a potential short squeeze opportunity.
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What is Virgin Galactic?
Virgin Galactic is the space exploration arm of Richard Branson’s Virgin corporation.
The company is set to resume flight testing shortly after an extended hiatus, which may have led to the hike in price.
Founded in 2004 by Richard Branson, the company is another arm of Branson’s other business interests, which have included involvement in the music industry, transport, telecoms and media.