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Motley Fool
Why Virgin Galactic Stock Just Dropped 11%
Less than 24 hours after The Wall Street Journal confirmed, in its Monday edition, that Virgin Galactic Holdings (NYSE: SPCE) will indeed raise the ticket price for rides on its spaceplane to $450,000 a seat, shares of the space tourism pioneer are plunging 11.1% as of 3:20 p.m. EDT Tuesday. After all, Virgin Galactic itself first announced this price increase on Friday, and investors seemed pretty happy about it at the time. With Virgin Galactic’s share price climbing both Friday and Monday, the early read on the company’s move appeared to be that demand for space tourism flights was looking so strong that Virgin Galactic had plenty of pricing power, and plenty of room to raise prices to satisfy the demand.
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