Virgin Galactic (NYSE:SPCE) Issues Quarterly Earnings Results

Virgin Galactic (NYSE:SPCE) released its earnings results on Wednesday. The company reported ($4.36) EPS for the quarter, topping the consensus estimate of ($5.40) by $1.04, Zacks reports. Virgin Galactic had a negative return on equity of 87.99% and a negative net margin of 5,301.61%. The business had revenue of $4.22 million for the quarter, compared to the consensus estimate of $3.50 million. During the same period in the previous year, the company posted ($9.20) earnings per share.

Virgin Galactic Stock Performance

SPCE stock traded up $0.13 during trading on Friday, reaching $6.14. The stock had a trading volume of 1,211,337 shares, compared to its average volume of 1,328,627. Virgin Galactic has a 52 week low of $5.26 and a 52 week high of $70.20. The stock’s 50 day moving average is $9.14 and its two-hundred day moving average is $21.10. The company has a current ratio of 4.88, a quick ratio of 4.88 and a debt-to-equity ratio of 1.00. The firm has a market cap of $126.29 million, a PE ratio of -0.25 and a beta of 1.71.

Analyst Ratings Changes

Several equities research analysts have commented on SPCE shares. Morgan Stanley boosted their target price on Virgin Galactic from $1.75 to $35.00 and gave the stock an “underweight” rating in a report on Thursday, June 20th. TD Cowen dropped their target price on Virgin Galactic from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, May 13th. Wells Fargo & Company dropped their target price on Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating on the stock in a report on Thursday, May 9th. The Goldman Sachs Group lowered their price target on Virgin Galactic from $61.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday. Finally, Susquehanna lowered their price target on Virgin Galactic from $8.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, Virgin Galactic currently has a consensus rating of “Hold” and an average target price of $31.50.

About Virgin Galactic

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.