Virgin Galactic Holdings, Inc. (SPCE), an integrated aerospace company, has seen an increase of 10.15% in the premarket trading session. As a result, SPCE stock is changing hands at $24.85 at the time of this writing. The reason for the increase seems to be the clearance to fly after the conclusion of the FAA inquiry. On Wednesday, SPCE stock closed the day at $22.56 after declining 3.59% in regular trading hours.
SPCE got clearance from FAA inquiry
In the late hours of Wednesday, SPCE announced that it has got clearance to fly FAA-licensed spaceflights. The clearance came following the conclusion of the FAA inquiry. The inquiry was focused on air traffic control clearance and real-time mission notification related to the Unity 22 flight in July. FAA advised virgin that the corrective actions proposed by the company were accepted and hence, the inquiry concluded. The conclusions included Updated calculations to expand the protected airspace for future flights. Apart from that, it also asked the company to take additional steps into the Company’s flight procedures. Commenting on the development, Michael Colglazier, Chief Executive Officer of Virgin Galactic, said that the company appreciates the FAA’s thorough review of the inquiry. He further stated that the company’s test flight program is specifically designed to continually improve its processes and procedures.
Appointment of CPO
On 23rd September, SPCE announced to induct Aparna Chitale as the company’s Chief People Officer (CPO). The induction had to become effective from September 30th, 2021. Ms Aparna is a veteran human resource executive. She has experience of more than 20 years in numerous multi-national organizations, where she has led global teams at both public and private companies. Before her induction, she was serving as Vice President of Human Resources at Disney Parks Experiences and Products. As CPO, Ms Aparna would report directly to Michael Colglazier. As a CPO, she would lead all the aspects of human resources, talent acquisition, employee experience, learning and development as well as compensation and benefits. Michael Colglazier welcomed her induction and said that her proven ability to foster a high-performance culture rooted in a diverse and inclusive work environment, will support Virgin Galactic’s ambitious growth strategy.
What’s ahead for SPCE?
Recent past stats of SPCE have not been very outstanding, with the stock declining some 11% during the last week. During the last 12 months, SPCE stock has partly grown by 10%. Analysts believe that the coming fiscal would provide the company with much-needed relief, as evident from the EPS growth estimates of 35% for the next fiscal. So, potential investors should keep a close eye on SPCE stock in the next few months.