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

CNBC LogoCNBC6d ago

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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Article Details & Transparency

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:

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

Main Topics: NationPolitics

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Headquarters: United States

Coverage Areas: United States

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