Virgin Galactic (NYSE:SPCE) Reaches New 52-Week Low at $9.10

Virgin Galactic Holdings, Inc. (NYSE:SPCE)’s share price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $9.10 and last traded at $10.45, with a volume of 651676 shares traded. The stock had previously closed at $13.70.

Analyst Ratings Changes

SPCE has been the subject of several research analyst reports. TD Cowen decreased their price target on shares of Virgin Galactic from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, May 13th. The Goldman Sachs Group cut their price target on Virgin Galactic from $80.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. Truist Financial reduced their price objective on Virgin Galactic from $60.00 to $40.00 and set a “hold” rating for the company in a research note on Wednesday, February 28th. Wells Fargo & Company lowered their target price on Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating on the stock in a research report on Thursday, May 9th. Finally, Susquehanna cut their target price on Virgin Galactic from $40.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.00.

Virgin Galactic Price Performance

The stock has a market capitalization of $4.15 billion, a P/E ratio of -8.08 and a beta of 1.76. The business has a fifty day simple moving average of $18.10 and a 200 day simple moving average of $31.08. The company has a current ratio of 4.88, a quick ratio of 4.88 and a debt-to-equity ratio of 1.00.

Virgin Galactic (NYSE:SPCE) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($5.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.20) by $0.20. Virgin Galactic had a negative return on equity of 87.99% and a negative net margin of 5,301.61%. The business had revenue of $1.99 million during the quarter, compared to the consensus estimate of $2.05 million. During the same quarter in the prior year, the company posted ($11.40) earnings per share. Virgin Galactic’s revenue was up 406.4% compared to the same quarter last year. On average, analysts expect that Virgin Galactic Holdings, Inc. will post -0.94 earnings per share for the current year.

Institutional Investors Weigh In On Virgin Galactic

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Virgin Galactic by 29.2% during the 3rd quarter. Vanguard Group Inc. now owns 30,165,775 shares of the company’s stock worth $54,298,000 after purchasing an additional 6,823,646 shares during the period. Quadrature Capital Ltd raised its position in Virgin Galactic by 822.7% in the third quarter. Quadrature Capital Ltd now owns 650,766 shares of the company’s stock worth $1,175,000 after acquiring an additional 580,238 shares during the period. Charles Schwab Investment Management Inc. raised its position in Virgin Galactic by 27.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,357,773 shares of the company’s stock worth $4,244,000 after acquiring an additional 507,946 shares during the period. Dark Forest Capital Management LP purchased a new position in Virgin Galactic in the third quarter valued at about $703,000. Finally, Citigroup Inc. grew its position in shares of Virgin Galactic by 92.3% during the 3rd quarter. Citigroup Inc. now owns 761,902 shares of the company’s stock valued at $1,371,000 after acquiring an additional 365,657 shares during the period. Hedge funds and other institutional investors own 46.62% of the company’s stock.

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.