Virgin Galactic (NYSE: SPCE) shares fell earthward on Thursday, dropping by nearly 5% across the trading day. This was on the back of a string of analyst downgrades of the space-tourism company's stock following Q3 results that were unveiled at the beginning of the week. Several analysts were quick to modify their views on Virgin Galactic stock after those results were published.
Shares of space tourism pioneer -- but recent space tourism laggard -- Virgin Galactic Holdings (NYSE: SPCE) caught an updraft on Tuesday after its fiscal third-quarter 2021 earnings report revealed the space company to be losing more money than analysts had expected, but collecting more revenue than they'd hoped. Heading into Q3, Wall Street had forecast that Virgin Galactic would lose $0.28 per share in the quarter on sales of $1.6 million. Virgin whiffed on the earnings forecast, losing $0.32 per share, but it eked out a small revenue beat with sales of $2.6 million, sending its shares up 5.1% through noon EST.
Canaccord Genuity VP and Senior Aerospace & Defense Analyst Austin Moeller joins Yahoo Finance to discuss Virgin Galactic's Q3 earnings and what's next for the company.