- NYSE:SPCE shot to the moon on Monday and has been able to stay around $20 levels.
- Wall Street analyst upgrades re-ignited investor interest in the space-travel stock.
- Space travel was made a realizable goal when SpaceX launched a ship into space earlier this year.
NYSE:SPCE shot into orbit to start the week, rising about 25% on Monday. Shares have been able to keep their value around $20 for the week on several favorable analyst upgrades that reinvigorated investor curiosity in the futuristic industry. The stock has tapered off since its inception into the public market as a SPAC IPO late last year, and after reaching highs of $42.49, SPCE has settled back down into the mid-teens as its 50-day and 200-day moving averages show. Virgin Galactic has still returned over 90% to investors since its inception so the price target upgrades are promising heading into 2021.
Analysts at Susquehanna and Bank of America (NYSE:BAC) have given their approval for the stock moving forward as both institutions issued a buy rating and praised Virgin Galactic for its innovation and labelled its technology and vertical integration as “unparalleled”. Susquehanna upped the price target to $20 which the stock flew through on Monday after the news. Bank of America was a little more generous as it initiated a $35 price target which represents a substantial potential of 75% upside from current trading levels.
SPCE stock forecast
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Virgin Galactic is attempting to be ready to send founder Richard Branson into space at some point in 2021. While Elon Musk did not himself head into space, his space-travel company SpaceX was able to be the first private space shuttle to reach orbit which probably did not sit well with Branson. Civilian trips to space are estimated to run for $250,000 a ticket when the service becomes available, which begs the question of how wide SPCE’s total addressable market can be.
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