Brokerages Set Virgin Galactic Holdings, Inc. (NYSE:SPCE) PT at $33.17

Virgin Galactic Holdings, Inc. (NYSE:SPCE) has been given an average recommendation of “Reduce” by the six research firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $33.17.

Several equities research analysts recently weighed in on the company. TD Cowen reduced their price target on Virgin Galactic from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, May 13th. The Goldman Sachs Group reduced their price target on Virgin Galactic from $70.00 to $61.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Wells Fargo & Company reduced their price target on Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating on the stock in a research note on Thursday, May 9th. Morgan Stanley upped their price target on Virgin Galactic from $1.75 to $35.00 and gave the stock an “underweight” rating in a research note on Thursday, June 20th. Finally, Susquehanna cut their target price on Virgin Galactic from $24.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th.

Virgin Galactic Stock Performance

Shares of SPCE stock opened at $7.10 on Friday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.88 and a current ratio of 4.88. Virgin Galactic has a fifty-two week low of $6.22 and a fifty-two week high of $86.40. The stock has a 50 day moving average price of $10.86 and a two-hundred day moving average price of $22.63. The company has a market capitalization of $145.94 million, a P/E ratio of -0.28 and a beta of 1.71.

Virgin Galactic (NYSE:SPCE) last posted its earnings results on Tuesday, May 7th. The company reported ($5.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($5.20) by $0.20. Virgin Galactic had a negative return on equity of 87.99% and a negative net margin of 5,301.61%. The firm had revenue of $1.99 million for the quarter, compared to analysts’ expectations of $2.05 million. During the same period in the previous year, the firm earned ($11.40) earnings per share. The business’s revenue was up 406.4% compared to the same quarter last year. Analysts expect that Virgin Galactic will post -18.75 earnings per share for the current year.

Institutional Investors Weigh In On Virgin Galactic

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Virgin Galactic by 29.2% during the third quarter. Vanguard Group Inc. now owns 30,165,775 shares of the company’s stock valued at $54,298,000 after purchasing an additional 6,823,646 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Virgin Galactic by 14.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,707,073 shares of the company’s stock valued at $6,632,000 after purchasing an additional 349,300 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Virgin Galactic by 1,021.3% during the first quarter. SG Americas Securities LLC now owns 338,050 shares of the company’s stock valued at $500,000 after purchasing an additional 307,901 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Virgin Galactic by 57.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 800,968 shares of the company’s stock valued at $1,850,000 after purchasing an additional 291,757 shares in the last quarter. Finally, Caxton Associates LP lifted its holdings in shares of Virgin Galactic by 52.9% during the first quarter. Caxton Associates LP now owns 562,404 shares of the company’s stock valued at $832,000 after purchasing an additional 194,675 shares in the last quarter. 46.62% of the stock is owned by hedge funds and other institutional investors.

Virgin Galactic Company Profile

Virgin Galactic Holdings, Inc, an aerospace and space travel company, focuses on the development, manufacture, and operation of spaceships and related technologies. The company engages in the design and development, manufacturing, ground and flight testing, spaceflight operation, and post-flight maintenance of spaceflight systems for private individuals, researchers, and government agencies.