Why Virgin Galactic Stock Is Trading Higher Again Today

Virgin Galactic Holdings Inc SPCE is trading higher Monday morning on continued momentum following the company's recent announcement that it received approval for a full commercial launch license from the Federal Aviation Administration.

What Happened: On June 25, the FAA updated Virgin Galactic's existing commercial space transportation operator license that the company has held since 2016, allowing it to fly customers to space. This marked the first time the FAA licensed a spaceline to fly customers.

Virgin Galactic also announced that its test flight on May 22 performed well against all flight objectives after reviewing data from the flight.

"Today’s approval by the FAA of our full commercial launch license, in conjunction with the success of our May 22 test flight, give us confidence as we proceed toward our first fully crewed test flight this summer," said Michael Colglazier, CEO of Virgin Galactic.

Related Link: Virgin Galactic Scores FAA Approval To Take Passengers Into Space

SPCE Price Action: Virgin Galactic has traded as high as $62.80 and as low as $14.27 over a 52-week period.

At last check Monday, the stock was up 3.74% premarket at $58. 

Photo: courtesy of Virgin Galactic.