Virgin Galactic (NYSE:SPCE) stock is falling on Friday after the space travel company revealed a delay for commercial flights.
According to a press release from the company, commercial flights are being pushed back to the fourth quarter of 2022. This is in connection to an enhancement program announced today for its VMS Eve and VSS Unity.
Virgin Galactic says that it’s waiting until this program is complete to hold test flights of the crafts. That includes a research test flight with the Italian Air Force planned. Only after all of this is done will if start commercial flights.
Michael Colglazier, CEO of Virgin Galactic, said the following in the news release hitting SPCE stock today.
“The re-sequencing of our enhancement period and the Unity 23 flight underscores our safety-first procedures, provides the most efficient path to commercial service, and is the right approach for our business and our customers. We are deeply appreciative of the Italian Air Force Research Mission and grateful for their continued partnership with us in this test flight program.”
Along with today’s delay announcement comes heavy trading of SPCE stock. As of this writing, more than 29 million shares of the stock have changed hands. That’s already well above the company’s daily average trading volume of about 17.7 million shares.
Other news from Virgin Galactic today includes a date for its third-quarter earnings report. It will release these earnings after markets close on Nov. 8.
SPCE stock was down 13.1% as of Friday morning and is down 9.8% since the start of the year.
Investors looking for more hot stock market news today are in luck!
We’ve got all the latest stock market coverage that traders need to know about. That includes this morning’s pre-market stock movers, what had Chinese fintech stocks on the move Thursday, as well as a price prediction for Ginkgo Bioworks (NYSE:DNA) stock. You can find all of that by following the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.