Why Virgin Galactic (SPCE) Stock Is Falling 10% Today

Virgin Galactic Holdings Inc SPCE shares are trading lower by some 10.79% to $5.00 during Wednesday's session. Goldman Sachs analyst Noah Poponak maintained Virgin Galactic on Wednesday with a Neutral and lowered the price target from $12 to $6.

What Else?

Virgin Galactic shares may also be falling during Wednesday's session in sympathy with the broader market after U.S. retail sales slumped in December. Inflation and rising interest rates continue to weigh on U.S. economic growth.

On Wednesday, the Commerce Department reported U.S. retail sales dropped 1.1% on a monthly basis in December to $677.1 billion, missing economist estimates of a 0.8% decline.

The Commerce Department also revised its November monthly retail sales growth estimate lower...Read More

According to data from Benzinga Pro, Virgin Galactic Holdings Inc has a 52-week high of $11.25 and a 52-week low of $3.24.