Virgin Galactic made history after the company’s aircraft with founder Sir Richard Branson on board successfully reached space and returned to Earth. The event has generated more interest in the company, which is reflected in the stock.
Data acquired by Finbold indicates that Google Search interest in Virgin Galactic stock under the keyword ‘SPCE stock’ has skyrocketed 525%. The interest hit its peak popularity during the week ending July 3, 2021, at 100. The lowest interest was recorded on March 21, 2021, at 16.
During a peak in interest, Canada recorded the highest interest with a peak score of 100, followed by the United States at 76, while Estonia ranks third at 67. South Korea, with a score of 28, ranks in the tenth spot. Numbers represent search interest relative to the highest point on the chart for the given region and time, where 100 points are the maximum search interest.
Virgin Galactic space flight spurs interest in SPCE stock
The Google Search interest in Virgin Galactic stock correlates with the company’s first fully crewed flight that saw the founder Richard Branson go into space. According to the company, the inaugural flight would evaluate the customer cabin with a full crew. Notably, the Virgin Galactic has two more flights, including one with the Italian Air Force, to close out its test program with plans to start commercial service next year.
Therefore, once Virgin Galactic can fly space tourists, it can generate regular revenue and potential profit that might aid the SPCE stock rally. Worth mentioning is that Virgin Galactic has revenue-generating flights as part of the research missions.
From the start of the year, the SPCE stock has surged by over 100%, and the approval of the flight appeared to accelerate the climb. Notably, Virgin Galactic Holdings Inc shares surged 9.35% in pre-market trading on Monday in the wake of the flight. Last week, the shares climbed 9.5% to $49.20, having stabilized in a turbulent way in recent weeks after mid-May lows.
Some analysts had noted that space flight might be monumental for the company. However, the future looks bright for Virgin Galactic after the flight was deemed a success.
Recently, test flights have been enough to get the SPCE stock moving upwards. Worth mentioning is that there is a risk that comes with flying to space as well. The success of flight might go a long way in winning the heart of investors.
Amid the rising Google search interest in SPCE stock, the company has also received attention from the WallStreetBets forum on the Reddit social media platform.
As of July 12, 2021, SPCE is the top-mentioned stock on the WallStreetBets forum. The platform has witnessed retail investors pushing low-valued stocks to historical highs from the start of the year.
Billionaires battle for space
Virgin Galactic’s space mission means that the company has beaten Jeff Bezo’s Blue Origin to space. Like Branson, Bezos will be accompanied by his brother to Blue Origin’s first flight to space. Interestingly, space is emerging as the new battleground for billionaires, with Blue Origin comparing itself to Virgin Galactic in a series of tweets.
In the wake of Branson’s flight, Blue Origin, through Twitter in a marketing campaign, stated that its New Shepard rocket had been designed to fly above the Kármán line, a feat not achieved by Virgin Galactic. Elsewhere, Elon Musk, who is venturing into space with his SpaceX company, has shown support for Branson before the historic flight.