Why Virgin Orbit Shares Are Moving Higher

Virgin Orbit Holdings Inc VORB shares are trading higher Monday after the company received approval to conduct space launch operations out of Brazil.

Virgin Orbit has formed a new Brazilian subsidiary dedicated to bringing the LauncherOne air-launch rocket system to the Alcântara Launch Center. The new subsidiary was formally granted an operator's license to allow LauncherOne launch operations in Brazil.

The subsidiary and license for launch operations are expected to enable launches to space from Brazil as early as 2023.

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VORB Price Action: Virgin Orbit has traded between $11.28 and $2.59 over a 52-week period. 

The stock was up 2.79% at $3.32 at press time, according to data from Benzinga Pro.

Photo: courtesy of Virgin Orbit.