Virgin Galactic Stock Price Prediction: Possible Pennant Suggests More Upside

Virgin Galactic stock price has been on a tear higher recently. The company is listed on the New York Stock Exchange (NYSE) under the ticker SPCE and is up 49.05% YTD and over 130% in the last twelve months.

Virgin is active in the aerospace and defense industry and develops human spaceflights for researchers, as well as private individuals in the United States.

The company keeps losing money, and it is forecasted to continue to do so in the foreseeable future. For example, the Earnings per Share (EPS) estimate for December 2021 are -$1.42 and for December 2022 are -$0.73.

Yet, it is on the retail traders’ radar as one of the meme stocks, driven higher mostly by the increased activity in the derivatives market. Buyers of call options will benefit if the price of the underlying increases and sellers of call options may be forced to cover their losses by buying the actual shares in the open market – further increasing the stock price’s rally.

Virgin Galactic Technical Analysis

Virgin’s technical picture looks bullish. The market has formed an inverse head and shoulders pattern and now forms a possible pennant for the right shoulder. Bulls may want to wait for a daily close above $40 before going long for $60 with a stop at $30.

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Virgin Galactic Stock Price Forecast

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