Why did Virgin Galactic, Camber Energy stocks fly on Thursday?

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Why did Virgin Galactic, Camber Energy stocks fly on Thursday?

 Why did Virgin Galactic, Camber Energy stocks fly on Thursday?
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  • Virgin Galactic Holdings, Inc. (NYSE: SPCE) stock jumped 7% after the Federal Aviation Administration (FAA) closed a probe into its July 11 spaceflight. 

  • Camber Energy, Inc. (AMEX: CEI) stock soared 15.50% gain in the pre-market.

  • Both the stocks beat their relevant consolidated index. SPCE gave a 4.97% return YTD, while the CEI stock gained 331.9% YTD. 

Virgin Galactic Holdings, Inc. (NYSE: SPCE) stock rose 7.93%, and Camber Energy, Inc. (AMEX: CEI) stock traded jumped 15.5% in the premarket session on Thursday. Both the stocks attracted massive interest from investors following some of the positive developments.

SPCE stock traded at US$24.35, and CEI traded at US$3.95 at 8:24 am ET.

Here we look at some of the recent developments of the two companies. 

Virgin Galactic Holdings, Inc.  

The stock jumped on the news that the Federal Aviation Administration (FAA) has closed its probe into Virgin Galactic’s Unity 22 after it deviated from the designated airspace on July 11. 

The FAA has authorized Virgin spaceflights after the company incorporated the suggested changes in real-time notification to FAA Air Traffic Control while communicating during flights. 

The Unity 22’s deviation from the airspace during spaceflight had raised security concerns. As a result, FAA had launched a probe after the incident and barred the company from flying SpaceShipTwo.

However, after the FAA clearance, the company now plans to go ahead with another spaceflight with its SpaceShipTwo, Unity 23, from New Mexico.

British Billionaire Richard Branson was among the travelers on the July 11 spaceflight. Five more people from his company had accompanied him on the space trip.  

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The Las Cruces, New Mexico-based Virgin Galactic Holdings Inc. is a vertically integrated aerospace company. The company has been hogging the limelight for its spaceflights. The company also manufactures advanced air and space vehicles.

SPCE’s revenue for the three months ended June 30, 2021, was US$571 thousand, and the net loss incurred for the period was US$94.06 million. In the June quarter of 2020, the company earned no revenue, and the net loss was US$71.97 million. SPCE’s cash and cash equivalents were US$551.6 million as of June 30, 2021, against US$665.9 million as of December 31, 2020.  

Virgin Galactic’s market cap is US$5.8 billion. The company’s 52-week highest and lowest stock prices were US$62.80 and US$14.27, respectively. On Sep 29, the stock fell 3.55% and closed at US$22.56, with a trading volume of 11,285,170.

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Source - pixabay

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Camber Energy, Inc. 

The stock has been gaining investors’ interest over the past few days. On Thursday, it jumped nearly 16% in premarket. However, there was no apparent reason for its upward movement.

The energy company is engaged in the acquisition and development of crude oil and gas fields. 

Camber has changed its fiscal year from March 31 to December 31, as per the report filed with the SEC in February this year. 

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For the quarter ended September 30, 2020, its revenue was US$57.5 thousand, and the net loss was US$(2.06) million, or US$(0.19) per common share diluted. 

The Houston, Texas-based company has a market cap of US$356 million. The stock touched the highest and lowest of US$4.85 and US$0.33, respectively, in the last 52-weeks. 

It closed at US$3.42 with a 6.21% gain and share volume of 988,353,200 on Sep 29, 2021.

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The NYSE consolidated fell 8.09% YTD. At the same time, SPCE gave a 4.97% return YTD.

On the other hand, the NYSE American consolidated index gave a 219.14% YTD return, compared with CEI’s YTD gain of 331.9%. However, investors must analyze the company fundamentals carefully before investing in stocks.


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