Virgin Galactic (NYSE:SPCE) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Virgin Galactic (NYSE:SPCE) issued its earnings results on Tuesday. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.26) by $0.01, Briefing.com reports. The company had revenue of $1.99 million during the quarter, compared to analysts’ expectations of $2.05 million. Virgin Galactic had a negative net margin of 7,387.31% and a negative return on equity of 102.01%. The business’s revenue for the quarter was up 406.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.57) EPS.

Virgin Galactic Stock Down 3.0 %

SPCE traded down $0.03 during midday trading on Wednesday, hitting $0.98. The company had a trading volume of 19,451,182 shares, compared to its average volume of 12,743,577. Virgin Galactic has a 52 week low of $0.70 and a 52 week high of $6.17. The company has a quick ratio of 5.03, a current ratio of 5.12 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $392.04 million, a price-to-earnings ratio of -0.58 and a beta of 1.71. The stock’s 50 day moving average price is $1.28 and its 200 day moving average price is $1.76.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SPCE. Truist Financial dropped their target price on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, February 28th. Wells Fargo & Company lowered their price objective on shares of Virgin Galactic from $1.75 to $1.00 and set an “underweight” rating for the company in a research report on Thursday, April 4th. Finally, Susquehanna decreased their price target on shares of Virgin Galactic from $2.00 to $1.10 and set a “neutral” rating for the company in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.12.

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.