Sell shares of Virgin Galactic as the space tourism company continues to push back commercial flights and burns through cash, Truist said in an analyst note Friday. Analyst Michael Ciarmoli downgraded shares of Virgin Galactic to sell from hold, citing a disappointing second-quarter report. The company postponed commercial flights to the second quarter of 2023. It also reported a net loss of $111 million, more than the $94 million net loss it posted the prior year. “Mgmt again delayed the return to commercial flight operations (now 2Q23) while also announcing that the VSS Imagine test flights have been pushed into mid-’23 pointing to operational flights in ’24,” Ciarmoli wrote in the note. Ciarmoli expects Virgin Galactic will burn through the $1.1 billion cash it has on hand by the third quarter of 2024, the note read. The space tourism company is seeking to sell up to $300 million…
Create an account
Welcome! Register for an account
A password will be e-mailed to you.
Password recovery
Recover your password
A password will be e-mailed to you.
