Kerrisdale Capital announced a short position in Virgin Galactic. In a report on its website, the short-selling firm stated, “We believe that the current wave of market enthusiasm for Virgin Galactic depends on an ignorance of its long and often ugly history, as well as a misunderstanding of its core technology…Even if the company, after nearly two decades of fits and starts, finally does manage to initiate commercial service, it will wind up in the ash heap of history – hopefully without killing or maiming any more people along the way…With Blue Origin’s superior experiences likely to beat out Virgin’s in the near term, and SpaceX’s multi-day excursions – going into Earth’s orbit and staying there for several days rather than several minutes – winning out in the longer term, Virgin’s moment in the sun may be over soon after its first real flights finally lift off.” Shares of Virgin Galactic are up 11c to $31.13 in late morning trading.
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