Brokerages Set Virgin Galactic Holdings, Inc. (NYSE:SPCE) Target Price at $37.00

Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) have received a consensus recommendation of “Reduce” from the six research firms that are currently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $37.00.

Several equities research analysts have recently issued reports on SPCE shares. The Goldman Sachs Group reduced their target price on Virgin Galactic from $80.00 to $70.00 and set a “neutral” rating on the stock in a report on Monday, May 13th. Wells Fargo & Company lowered their target price on Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating for the company in a research report on Thursday, May 9th. TD Cowen reduced their price target on shares of Virgin Galactic from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, May 13th. Morgan Stanley increased their price objective on shares of Virgin Galactic from $1.75 to $35.00 and gave the company an “underweight” rating in a research report on Thursday, June 20th. Finally, Susquehanna reduced their target price on shares of Virgin Galactic from $40.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th.

Institutional Trading of Virgin Galactic

Hedge funds have recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. grew its position in shares of Virgin Galactic by 27.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,357,773 shares of the company’s stock worth $4,244,000 after buying an additional 507,946 shares during the last quarter. Quadrature Capital Ltd increased its position in shares of Virgin Galactic by 822.7% during the third quarter. Quadrature Capital Ltd now owns 650,766 shares of the company’s stock worth $1,175,000 after purchasing an additional 580,238 shares in the last quarter. Penserra Capital Management LLC lifted its holdings in shares of Virgin Galactic by 44.2% during the 3rd quarter. Penserra Capital Management LLC now owns 817,702 shares of the company’s stock valued at $1,471,000 after purchasing an additional 250,583 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Virgin Galactic by 29.2% in 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 in the last quarter. Finally, SG Americas Securities LLC grew its stake in Virgin Galactic by 57.5% during the 4th quarter. SG Americas Securities LLC now owns 30,149 shares of the company’s stock worth $74,000 after buying an additional 11,011 shares during the last quarter. Hedge funds and other institutional investors own 46.62% of the company’s stock.

Virgin Galactic Trading Down 0.9 %

NYSE:SPCE opened at $7.87 on Tuesday. The firm has a market capitalization of $161.89 million, a price-to-earnings ratio of -0.31 and a beta of 1.71. The company has a debt-to-equity ratio of 1.00, a current ratio of 4.88 and a quick ratio of 4.88. The business has a fifty day moving average price of $15.57 and a 200-day moving average price of $28.25. Virgin Galactic has a one year low of $7.76 and a one year high of $86.40.

Virgin Galactic (NYSE:SPCE) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($5.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($5.20) by $0.20. Virgin Galactic had a negative net margin of 5,301.61% and a negative return on equity of 87.99%. The firm had revenue of $1.99 million during the quarter, compared to analysts’ expectations of $2.05 million. During the same period in the prior year, the company posted ($11.40) earnings per share. The company’s revenue for the quarter was up 406.4% compared to the same quarter last year. Sell-side analysts forecast that Virgin Galactic will post -18.75 EPS for the current year.

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.