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Virgin Galactic Holdings Inc. (NYSE:SPCE) peel off 10.24% Some of the memes about the highly shorted stock may have faded in Wednesday’s premarket action. Space tourism stocks rise more than 22% on Tuesday after sweep Return to GameStop (Society of General Mechanical Engineers) memetic phenomenon. Short interest in SPCE listed on Nasdaq accounts for 29.2% of total float.
Last week, Virgin Galactic Holdings (SPCE) disclosed its first-quarter financial results. On the call, CEO Michael Colglazier said the company’s growth strategy is to expand commercial space travel operations, first adding ships to the fleet in New Mexico and then expanding to other spaceports in prime locations around the world. Chief Financial Officer Doug Ahrens noted that the increased flight tempo planned for Virgin Galactic’s (SPCE) mothership Eve will be a game changer when the two Delta spacecraft currently enter commercial service. He emphasized: “Under steady-state operating conditions, three flights per week means we have the capacity to perform approximately 125 flights per year, taking into account potential weather or operational inefficiencies.”
