Where & How to Buy Virgin Galactic Stock in 2024

Sir Richard Branson’s Virgin Galactic is making space travel a reality. The aerospace company offers spaceflights to wealthy individuals, as well as making advanced air and space vehicles.

The firm was valued at $2.3bn when it went public on the New York Stock Exchange in October 2019, but its share price has since endured a degree of turbulence. Despite hitting an impressive all-time high of $59.41 in February 2021, it’s also spent time below $2. Currently, the stock is hovering around $2.17, valuing the business at $0.86bn.

In this guide, we will look at the latest company news and its share price history, as well as highlighting brokers that can help you buy Virgin Galactic stock in 2024 on a zero commission basis

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What is Virgin Galactic (SPCE)?

Headquartered in California, Virgin Galactic was founded by Sir Richard Branson in 2004 with a mission of pioneering human spaceflight for consumers.

It took almost two decades for Branson to turn his dream into reality, with the first commercial flight taking off from Spaceport America, New Mexico, on 29th June, 2023. Hundreds of people are now waiting in line for one of these 90 minute journeys, which include the opportunity to feel out-of-seat weightlessness.

However, the once-in-a-lifetime experience does not come cheap. A reservation will set you back a staggering $450,000 (£352,676), with $150,000 due upfront as a deposit.

The company has now successfully carried out a number of commercial flights and its latest mission, Galactic 06, is scheduled for take-off in late January 2024.

But Virgin Galactic has faced hardships in recent times, the firm announcing in November 2023 that around 185 employees – 18% of its workforce – would be laid off in a bid to cut costs.

It told employees that all work outside of its Delta spaceship building program would be streamlined. In addition, the frequency of flights may be temporarily slowed due to its focus on building the next generation of vehicles.

Virgin Galactic (SPCE) Stock Price 2024

On its first day of trading in October 2019, Virgin Galactic stock – using the ticker SPCE – opened at $12.23 but had slipped to $11.75 as the market closed.

The general trend was upwards for the two years following, peaking during February and June 2021 on the back of announcements about test and commercial flights.

However, the stock price has since drifted due to concerns over income, the fact it is still not profitable, and question marks over future funding. For example, the stock plunged 17% in December 2023 after Branson told the Financial Times newspaper that he would no longer be funding the business.

Virgin Galactic made a net loss of $105m in the third quarter of 2023, although this was better than the $146m loss for the corresponding period in 2022. The company attributed the improvement to a combination of lower operating expenses and an increase in interest income.

Meanwhile, revenue for the quarter came in at $1.7m, up from $0.8m the previous year, driven by commercial spaceflight and membership fees related to future astronauts.

Michael Colglazier, Chief Executive Officer of Virgin Galactic said: “With six spaceflights successfully completed in under six months, Virgin Galactic has demonstrated the repeatability of our spaceflight system and also showcased the overwhelmingly positive experience of our Astronauts.”

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Is Virgin Galactic (SPCE) a Good Investment in 2024?

Currently, stock market analysts appear divided on Virgin Galactic, with the highest forecast being for the price to hit $6 and the lowest seeing it drop to $1.75, according to an analysis by MarketBeat. The consensus view of seven analysts is for the stock to potentially rise 61.66% to $3.50 over the coming year.

The shares enjoyed a lift in early January 2024 after Michael Ciarmoli, an analyst at Truist Securities, upgraded his stock recommendation to ‘hold’ from ‘sell’. He praised the decision to halt commercial operations to focus on the Delta fleet but warned it removed the likelihood of significant upside or downside catalysts in the near term.

More broadly, commercial space travel is an exciting new area so investors are effectively buying into the future potential of such ventures.

The global space tourism market was valued at $695.1m in 2022 – and is expected to grow at a compound annual rate of 40.2% to 2030, according to Grand View Research.

Its analysis highlighted technological advances and increased focus on research and development activities as factors helping to fuel the market’s growth.

“Space tourism is anticipated to make travel accessible to lay and non-astronaut people in the coming years,” it stated. “The industry is expanding at a tremendous growth rate owing to technological innovations coupled with users’ inclination toward space adventures.”

The phenomenal amount of interest in this area is illustrated by the fact Virgin Galactic’s X (formerly Twitter) account is followed by more than 489,000 people.

It’s fair to say that Virgin Galactic is probably one for the future. While the share price is unlikely to rocket in the near term, especially given the fact that commercial flights are likely to be halted, investors with higher risk appetites may decide the current stock price is an attractive entry point.

Where to Buy Virgin Galactic (SPCE) Stock in [cuy_year]

Investors can buy Virgin Galactic stock via a range of online brokers. A popular choice is eToro, with its user-friendly interface, low minimum deposits, and support of fractional share trading.

These factors help make the platform accessible for beginners. Alternative providers include Robinhood, Webull and Charles Schwab.

1. eToro – Best platform to buy Virgin Galactic (SPCE) stock

Established in 2006, eToro is a widely-used social trading platform providing access to diverse financial markets and asset classes. With a global community exceeding 20 million traders, the broker stands out with competitive trading and non-trading fees, including free stock and ETF trading, and the absence of account or deposit fees.

Operating as a social trading platform, eToro encourages user communication and interaction within its trading community, akin to social networking sites.

For US-based investors, the entry point is highly accessible, requiring only a $10 minimum deposit, with no additional deposit or account fees. This affordability extends to purchasing Virgin Galactic stock, facilitated by eToro’s support for fractional share trading, allowing traders to acquire a portion of higher-value stocks.

2. Robinhood – commission-free stock investments

Robinhood, the zero-commission trading platform, has attracted millions of users since its inception and won praise for its intuitive user interface.

Its commission-free model also includes zero trading fees for stocks, ETFs, and options. In addition, the platform facilitates social trading, which creates a community-oriented feel that echoes popular social networks. Robinhood is seen as a cost-effective entry point for investors, due to its low minimum deposit, accessible fractional share trading, and the absence of account fees. This approach makes it particularly well-suited for those new to investing, providing an affordable and easy-to-use platform for trading.

3. Charles Schwab – research and educational tools

Charles Schwab is a well-established online brokerage platform that offers a wide variety of investment options and services. It prides itself on being reliable and catering to a diverse range of investors with different requirements.

Its user-friendly interface provides access to a huge array of financial markets and investment products. While a zero-fees model isn’t offered, there are plenty of research tools and educational resources available to help make decisions.

Its approach makes it suitable for both beginners and advanced investors. Charles Schwab believes customer service and innovation are important qualities for those wanting a well-rounded service. For the latest information, please verify current details on its official website.

4. Webull – A flexible and modern offering

Webull is one of the more recent entrants to the marketplace, having launched five years ago in 2018. Since then, it’s won plaudits for being a trading platform offering intuitive design and advanced features – all without charging commission

The provision of real-time market data and analysis tools is a key party of the offering, as well as a user-friendly interface and extended trading hours.

It’s particularly suitable for those looking to trade in equities and options, while its commitment to commission-free trades across various asset classes includes exchange traded funds (ETFs).

Novice and experienced investors will like Webull’s accessible mobile app and desktop platform, as well as the absence of minimum deposit requirements. Such qualities make it an attractive choice for investors wanting a modern, flexible and affordable experience.

Our Verdict on Virgin Galactic (SPCE) Stock in 2024

Investors in Virgin Galactic shouldn’t expect overnight success. The company is in a development phase and it’s hard to see what could drive share price upgrades.

However, the stock is substantially lower than its peak so those with a higher tolerance to risk may consider buying now and holding for the longer-term.

For those keen to buy Virgin Galactic stock in 2024, eToro is a beginner-friendly platform with a thriving community of users, from beginners to the most experienced. It offers competitive fees, free stock trading, and a $0 minimum deposit for US investors.