Earlier on in the year, there had been considerable interest in the space tourism company Virgin Galactic (NYSE:SPCE) and that had been reflected in the price action in its stock as well.
Trading Data
On Monday, SPCE stock went down 1% to $17.08 with more than 9.25 million shares, compared to its average volume of 13.70 million shares. The stock has moved within a range of $16.83 – 17.65 after opening trade at $17.45.
What Next?
However, the situation with the stock in recent times have been quite rough and the stock has continued to trade downwards during the time. Things might not look particularly great for the Virgin Galactic stock but at the same time it should be noted that there might be value in the stock for long term investors. At the end of the day, the space tourism space is attracting considerable attention and investment and those are factors that need to be kept in mind.
On the other hand, as is the case with any nascent sector, there are two schools of thought about its prospects. While some experts believe that the scope for growth in space tourism is going to remain limited, there are other who believe that it could become a mainstream industry in two decades. In addition to that, some of the biggest names like Jeff Bezos and Elon Musk are already involved in this space. Hence, it might not be the worst idea in the world to add the Virgin Galactic stock to your watch lists.
Technical Data
SPCE stock is trading below the 20-Day and 50-Day Moving averages of $19.07 and $21.48 respectively. Moreover, the stock is trading below the 200-Day moving average of $29.03. The stock is down 13% in the past month.
