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All rights reserved. But then the stock plummeted in March as the novel coronavirus pandemic caused the global economy to come to a standstill. 1125 N. Charles St, Baltimore, MD 21201. Investors will have a better idea of what the company’s prospects are once it begins offering flights later this year.Last week, SPCE stock took a hit after CEO Richard Branson filed to sell some of his shares. quotes delayed at least 15 minutes, all others at least 20 minutes. All rights reserved. Virgin Galactic plans to "advance to the next phase" of its test flight with its first powered spaceflight this fall.The first flight will have two test pilots in the cockpit. The flight is expected to cost $250,000.The company remains on schedule for sending its founder, Sir Richard Branson, into space. British lawmaker Diant Abbot recently tweed, “Branson has not paid tax in this country for 14 years.”At this point, there doesn’t seem to be a lot of good news about SPCE stock to point to. This isn’t the first time Branson has sold shares of the company.Selling these shares strips Branson’s control of the company, taking his stake down from 59% to about 45%.This move was likely made to protect Branson’s vast business empire which has been negatively impacted by the coronavirus pandemic. The space tourism company reported second quarter GAAP earnings per share of -30 cents, versus analyst estimates of -27 cents, and reported adjusted Ebitda of … The firm received 12 deposits from customers for Virgin Galactic's orbital spaceflights, and exceeded 700 total participants in its "One Small Step" program.The "One Small Step" program requires a $1,000 refundable deposit and reserves a seat on a flight into space. 2020 InvestorPlace Media, LLC. Assuming a successful flight, Virgin will then conduct a second space flight with a crew of two test pilots and four specialists in the cabin. Copyright © 2020 InvestorPlace Media, LLC. Branson currently owns the airlines Virgin Atlantic and Virgin Australia, as well as small satellite company called Virgin Orbit.In fairness, Branson also raised money against his Caribbean hideout, Necker Island. In total, Jefferies estimated these companies' rockets brought in about $8 billion in revenue in 2018. SpaceX logged $2 billion in launch revenue last year, the report said. Copyright © Even still, it never looks good to see the owner selling shares of his own company.All of Branson’s luxury travel businesses have been hit hard by the pandemic, especially Virgin Atlantic. And its revenue fell more than 87% to $238,000.Branson seemed to realize how grim things appear financially when he wrote this However, the company does have potential and there’s a chance many customers will be excited to get on board with space tourism. Nasdaq Time will tell if the company can make good on its promises. Since then, the stock has had its share of ups and downs, but isn’t showing any sign of returning to its February high.The company was able to get a boost from the positive momentum surrounding the SpaceX launch, but it was short-lived. What a couple of days for space investors. Virgin Galactic Holdings, Inc. Common Stock (SPCE) Real-time Stock Quotes - Nasdaq offers real-time quotes & market activity data for US and global markets. SPCE Stock Has Potential but Now Isn’t the Time to Invest The pandemic forced Richard Branson to sell shares of SPCE stock By Jamie Johnson Jun … SPCE Stock Has Potential but Now Isn’t the Time to Invest While reporting its earnings for Q4 2019, the company had acknowledged reservations from around 600 people for a ride into space where each seat … 1125 N. Charles St, Baltimore, MD 21201. Shares of Virgin Galactic tumbled as much as 14% to $20.71 in Tuesday trades.Registration on or use of this site constitutes acceptance of our Branson has requested financial assistance from the British government, but the U.K. has yet to respond to his request.And so far, the British government doesn’t seem inclined to oblige his request for help. At the end of the quarter, the space exploration company had $360 million in cash and cash equivalents.Virgin Galactic also said it would raise new funds via a 20.5 million share offering. Registration on or use of this site constitutes acceptance of our Virgin Galactic slumped as much as 14% on Tuesday after the company The space tourism company reported second quarter GAAP earnings per share of -30 cents, versus analyst estimates of -27 cents, and reported adjusted Ebitda of -$54 million.