Why Virgin Orbit Shares Are Rising

Virgin Orbit Holdings Inc VORB shares are trading higher by 6.8% at $8.42 Thursday afternoon after the company announced it has been selected by NASA to provide launch services through the VADR contract.

Virgin Orbit announced via press release Thursday that the fixed-price indefinite-delivery/indefinite-quantity contract will leverage commercial satellite launch practices, and together with the flexibility afforded by Virgin Orbit’s LauncherOne system enables more efficient launch timelines, mission-tailored orbits and competitive costs.

Virgin Orbit is a vertically integrated space company that provides customers with dedicated small satellite launch capabilities. Its launches have delivered satellites to orbit for customers across commercial, civil and national security and defense markets, both domestically and internationally.

Virgin Orbit has a 52-week high of $11.28 and a 52-week low of $5.88.