Virgin Galactic (SPCE)

May 11, 2021Trade Ideas

On April 15, we highlighted opportunity in the SPCE May 21, 2021 23 put. Then, on April 19, we highlighted opportunity in the SPCE May 21, 2021 21 puts. Both should be doing well, as the SPCE stock pulls back to $16.87. We could see further downside in the stock from here, especially with more uncertainty with its spaceflight test schedule.

Downside has only accelerated with stock sales from Chairman Chamath Pailhapitiya, Richard Branson, and Cathie Wood’s new space-themed ETF. Worse, Jeff Bezos’ Blue Origin announced plans to launch the first crewed flight of its rocket on July 20. That could remove SPCE’s first-mover advantage, says CNBC. Even worse, SPCE just broke through support at $15.

With the SPCE pushing lower, traders may want to buy to open the SPCE June 18, 2021 16 puts.

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