Virgin Galactic Holdings, Inc. (NYSE:SPCE) Receives Average Rating of “Reduce” from Brokerages

Virgin Galactic Holdings, Inc. (NYSE:SPCE) has been assigned an average rating of “Reduce” from the six ratings firms that are presently covering the stock, MarketBeat.com reports. Two equities 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. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $25.50.

A number of research firms have recently commented on SPCE. The Goldman Sachs Group cut their price objective on shares of Virgin Galactic from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. Morgan Stanley lowered 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 note on Tuesday, September 17th. Finally, Susquehanna dropped their target price on shares of Virgin Galactic from $8.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, August 8th.

Institutional Investors Weigh In On Virgin Galactic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPCE. Bayesian Capital Management LP bought a new stake in Virgin Galactic in the first quarter valued at $35,000. Cantor Fitzgerald L. P. purchased a new stake in Virgin Galactic during the 4th quarter valued at $39,000. Newbridge Financial Services Group Inc. increased its holdings in shares of Virgin Galactic by 191.9% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 28,900 shares of the company’s stock worth $71,000 after purchasing an additional 19,000 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Virgin Galactic in the second quarter worth $98,000. Finally, XTX Topco Ltd bought a new position in shares of Virgin Galactic during the second quarter valued at $145,000. 46.62% of the stock is currently owned by institutional investors.

Virgin Galactic Price Performance

SPCE opened at $7.15 on Thursday. The company has a market capitalization of $146.96 million, a price-to-earnings ratio of -0.29 and a beta of 1.71. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 1.06. The firm has a 50-day moving average price of $6.38 and a 200-day moving average price of $11.70. Virgin Galactic has a twelve month low of $5.26 and a twelve month high of $54.60.

Virgin Galactic (NYSE:SPCE) last issued its earnings results on Wednesday, August 7th. The company reported ($4.36) earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $3.50 million. During the same quarter in the previous year, the firm posted ($9.20) EPS. Equities analysts expect that Virgin Galactic will post -18.82 EPS 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.