Ground Control To Virgin Galactic: A Bearish Take On The Former SPAC

Benzinga's Dennis Dick was bullish on Virgin Galactic Holdings Inc SPCE for a long time, but thinks the stock will trade lower, he said Monday on Benzinga's YouTube show "PreMarket Prep."

"You have to get out when the story turns," Dick said, adding  that the upward price movement was built on the story. 

Related content: Benzinga's Full SPAC Calendar

While Dick said he expects the company will eventually have an investable product, he said it's difficult to value when it has little revenue. 

Until the story turns around, he recommends staying away.

"Let the stock stop going down," he said, adding that it's tough to try to catch a falling knife. 

Related Link: What's Going On With Virgin Galactic Stock And Progressive Stock Today?

SPCE Price Action: Virgin Galactic was down 5.12% to $22.16 at last check Monday. 

Image by WikiImages from Pixabay