Analysts Set Virgin Galactic Holdings, Inc. (NYSE:SPCE) Price Target at $31.50

Virgin Galactic Holdings, Inc. (NYSE:SPCE) has received an average recommendation of “Reduce” from the six analysts that are currently covering the stock, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $26.50.

A number of equities analysts have recently issued reports on SPCE shares. Susquehanna cut their target price on Virgin Galactic from $8.00 to $6.00 and set a “neutral” rating for the company in a research note on Thursday, August 8th. The Goldman Sachs Group cut their price objective on Virgin Galactic from $61.00 to $53.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, Morgan Stanley decreased their target price on shares of Virgin Galactic from $35.00 to $5.00 and set an “underweight” rating on the stock in a research report on Tuesday, September 17th.

Institutional Trading of Virgin Galactic

A number of institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. raised its stake in shares of Virgin Galactic by 35.2% during the 4th quarter. Victory Capital Management Inc. now owns 49,094 shares of the company’s stock worth $120,000 after buying an additional 12,791 shares during the last quarter. Swiss National Bank raised its position in Virgin Galactic by 23.0% during the fourth quarter. Swiss National Bank now owns 687,400 shares of the company’s stock worth $1,684,000 after acquiring an additional 128,400 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Virgin Galactic by 19.7% in the fourth quarter. Amalgamated Bank now owns 38,310 shares of the company’s stock valued at $94,000 after purchasing an additional 6,311 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Virgin Galactic by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,707,073 shares of the company’s stock worth $6,632,000 after purchasing an additional 349,300 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Virgin Galactic by 57.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 800,968 shares of the company’s stock worth $1,850,000 after purchasing an additional 291,757 shares during the last quarter. 46.62% of the stock is currently owned by hedge funds and other institutional investors.

Virgin Galactic Stock Performance

Shares of Virgin Galactic stock opened at $6.28 on Friday. Virgin Galactic has a 12 month low of $5.26 and a 12 month high of $54.60. The company has a debt-to-equity ratio of 1.06, a current ratio of 4.71 and a quick ratio of 4.71. The stock has a market capitalization of $129.17 million, a price-to-earnings ratio of -0.25 and a beta of 1.72. The firm’s fifty day simple moving average is $6.56 and its 200-day simple moving average is $14.80.

Virgin Galactic (NYSE:SPCE) last announced its earnings results on Wednesday, August 7th. The company reported ($4.36) earnings per share for the quarter, beating the consensus estimate of ($5.40) by $1.04. The company had revenue of $4.22 million for the quarter, compared to the consensus estimate of $3.50 million. Virgin Galactic had a negative return on equity of 83.64% and a negative net margin of 3,764.43%. During the same period last year, the business posted ($9.20) EPS. As a group, equities analysts forecast that Virgin Galactic will post -18.82 earnings per share for the current year.

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.