Sell Virgin Galactic as it delays space tourism flights and burns through cash, Truist says

Quick Summary

The firm expects that Virgin Galactic will burn through the $1.1 billion cash it has on hand by the third quarter of 2024.

The new price target implies nearly 39% downside from Thursday's closing price of $8.19.

Other Wall Street firms were also unimpressed with Virgin Galactic's earnings report.

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Category: Nation Politics

Topics: PRO Home Stock Picks Articles Premium US: News Stock markets Business Pro: Street Calls Investing in Space Markets Wall Street U.S. Markets Overview Investing CNBC Pro Breaking News: Investing Virgin Galactic Holdings Inc Cnbc Pro: Short-term Source:tagname:CNBC US Source Stocks

Source Website Secure: Yes (HTTPS)

Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

News Source URL: cnbc.com

Readership Location: United States

Published Date: 2022-08-05, 11:53:44

News Timezone: GMT -5:00

Language: English

Original Article Length: 408 words

Reading Duration: 3 minutes read

Compatibility: Desktop Web, Mobile Web, iOS App, Android App

News ID: 1444373

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Name: CNBC

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