Why Virgin Orbit Stock Rocketed Higher on Thursday

Rich Smith, The Motley Fool

January 27, 2022 at 3:58 p.m.·2 min read

Why Virgin Orbit Stock Rocketed Higher on Thursday

Shares of Virgin Orbit (NASDAQ: VORB) rocketed 3.9% higher in afternoon trading on the Nasdaq on Thursday, 2:30 p.m. ET. Virgin Orbit stock was responding to an announcement by NASA yesterday naming Virgin Orbit one of 12 companies that will help it put small satellites in orbit in years to come. NASA's contract was couched in the form of an indefinite delivery, indefinite quantity (IDIQ) defense contract that doesn't actually guarantee Virgin Orbit any revenue.

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