Virgin Galactic stock is jumping, but some might be trading the wrong company

Virgin Galactic shares jumped in trading after a headline noted that similarly-named Virgin Orbit had won a government contract.While Virgin Galactic is publicly-traded, Virgin Orbit was spun-off in 2017 and is privately held by Sir Richard Branson's multinational conglomerate Virgin Group.

Richard Branson, founder of Virgin Group Ltd., speaks during an interview following Virgin Galactic Holdings Inc.'s initial public offering on the floor of the New York Stock Exchange in New York, U.S., on Monday, Oct. 28, 2019.surged higher in Tuesday trading but some of the positive momentum appears to be a case of mistaken identity.especially in the final few months of the bull market earlier this year.

Space tourism venture Virgin Galactic does not have any ownership or stake in Virgin Orbit, a company that is developing rockets to launch small satellites. Additionally, while Virgin Galactic is publicly-traded, Virgin Orbit was spun-off in 2017 and is privately held byVirgin Orbit on Friday announced that the U.S. Space Force selected the company's wholly-owned subsidiary VOX Space to launch three missions worth a total $35 million.

Virgin Galactic shares rose as much as 31%, which would be its largest single day gain since its market debut last October.Virgin Galactic's human-carrying spacecraftVirgin Orbit's flying rocket launch platform Richard Branson's Virgin Orbit, with a rocket under the wing of a modified Boeing 747 jetliner, takes off for a key drop test of its high-altitude launch system for satellites from Mojave, California, July 10, 2019.for exclusive insights and analysis, and live business day programming from around the world.

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Fonte: Reuters - 🏆 2. / 97 Consulte Mais informação »

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