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

Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) have been given a consensus rating of “Reduce” by the six research firms that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $26.50.

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

Institutional Trading of Virgin Galactic

Several institutional investors and hedge funds have recently bought and sold shares of SPCE. Swiss National Bank grew its stake in shares of Virgin Galactic by 23.0% in the 4th quarter. Swiss National Bank now owns 687,400 shares of the company’s stock valued at $1,684,000 after purchasing an additional 128,400 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Virgin Galactic by 57.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 800,968 shares of the company’s stock valued at $1,850,000 after buying an additional 291,757 shares during the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in Virgin Galactic in the 4th quarter valued at $30,000. Victory Capital Management Inc. increased 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 valued at $120,000 after buying an additional 12,791 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in 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 buying an additional 349,300 shares during the last quarter. Hedge funds and other institutional investors own 46.62% of the company’s stock.

Virgin Galactic Price Performance

Virgin Galactic stock opened at $6.50 on Friday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 4.71 and a current ratio of 4.71. The company’s fifty day moving average price is $6.60 and its 200 day moving average price is $15.10. The stock has a market capitalization of $133.69 million, a P/E ratio of -0.26 and a beta of 1.72. Virgin Galactic has a 1 year low of $5.26 and a 1 year high of $54.60.

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