Morgan Stanley Trims Virgin Galactic (NYSE:SPCE) Target Price to $5.00

Virgin Galactic (NYSE:SPCE) had its price objective lowered by Morgan Stanley from $35.00 to $5.00 in a research note released on Tuesday morning, Benzinga reports. The brokerage currently has an underweight rating on the stock.

Several other research analysts have also commented on SPCE. Susquehanna reduced their price target on Virgin Galactic from $8.00 to $6.00 and set a neutral rating for the company in a research report on Thursday, August 8th. The Goldman Sachs Group cut their target price on Virgin Galactic from $61.00 to $53.00 and set a neutral rating on the stock in a research note on Friday, August 9th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Virgin Galactic currently has an average rating of Hold and a consensus price target of $26.50.

Virgin Galactic Stock Down 3.5 %

NYSE:SPCE opened at $6.28 on Tuesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 4.71 and a quick ratio of 4.71. Virgin Galactic has a 1-year low of $5.26 and a 1-year high of $54.60. The company has a 50-day moving average of $6.56 and a 200 day moving average of $14.92. The firm has a market cap of $129.06 million, a PE ratio of -0.25 and a beta of 1.72.

Virgin Galactic (NYSE:SPCE) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($4.36) earnings per share for the quarter, topping the consensus estimate of ($5.40) by $1.04. The firm had revenue of $4.22 million during the quarter, compared to analysts’ expectations of $3.50 million. Virgin Galactic had a negative net margin of 3,764.43% and a negative return on equity of 83.64%. During the same quarter in the prior year, the company earned ($9.20) EPS. As a group, research analysts anticipate that Virgin Galactic will post -18.82 EPS for the current fiscal year.

Institutional Trading of Virgin Galactic

A number of institutional investors have recently modified their holdings of the company. Amalgamated Bank boosted its holdings in shares of Virgin Galactic by 19.7% in the 4th quarter. Amalgamated Bank now owns 38,310 shares of the company’s stock valued at $94,000 after buying an additional 6,311 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Virgin Galactic in the 2nd quarter worth approximately $98,000. Vanguard Personalized Indexing Management LLC acquired a new stake in Virgin Galactic in the 4th quarter worth approximately $30,000. Victory Capital Management Inc. boosted its stake in Virgin Galactic by 35.2% in the 4th quarter. Victory Capital Management Inc. now owns 49,094 shares of the company’s stock worth $120,000 after purchasing an additional 12,791 shares in the last quarter. Finally, California State Teachers Retirement System boosted its stake in Virgin Galactic by 3.5% in the 1st quarter. California State Teachers Retirement System now owns 377,388 shares of the company’s stock worth $559,000 after purchasing an additional 12,803 shares in the last quarter. 46.62% of the stock is currently owned by 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.