Morgan Stanley Increases Virgin Galactic (NYSE:SPCE) Price Target to $35.00

Virgin Galactic (NYSE:SPCE) had its price objective lifted by Morgan Stanley from $1.75 to $35.00 in a report published on Thursday morning, Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company reduced their target price 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. Susquehanna lowered their price objective on shares of Virgin Galactic from $40.00 to $22.00 and set a neutral rating for the company in a report on Wednesday, May 8th. The Goldman Sachs Group decreased their target price on Virgin Galactic from $80.00 to $70.00 and set a neutral rating for the company in a research report on Monday, May 13th. 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. Finally, Truist Financial cut their price objective on shares of Virgin Galactic from $60.00 to $40.00 and set a hold rating on the stock in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $37.00.

Virgin Galactic Stock Performance

NYSE SPCE opened at $9.52 on Thursday. The company has a 50-day simple moving average of $17.35 and a two-hundred day simple moving average of $30.53. Virgin Galactic has a 12-month low of $8.55 and a 12-month high of $111.80. The firm has a market cap of $195.81 million, a price-to-earnings ratio of -0.38 and a beta of 1.76. The company has a quick ratio of 4.88, a current ratio of 4.88 and a debt-to-equity ratio of 1.00.

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

Institutional Investors Weigh In On Virgin Galactic

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in Virgin Galactic by 29.2% in the third quarter. Vanguard Group Inc. now owns 30,165,775 shares of the company’s stock worth $54,298,000 after acquiring an additional 6,823,646 shares during the period. Swiss National Bank lifted its position in shares of Virgin Galactic by 23.0% during the 4th quarter. Swiss National Bank now owns 687,400 shares of the company’s stock valued at $1,684,000 after buying an additional 128,400 shares in the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Virgin Galactic during the 3rd quarter valued at about $703,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in 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 acquiring an additional 291,757 shares during the period. Finally, Ballentine Partners LLC purchased a new position in Virgin Galactic during the fourth quarter valued at approximately $32,000. 46.62% of the stock is currently owned by institutional investors.

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.