Brokerages Set Virgin Galactic Holdings, Inc. (NYSE:SPCE) Price Target at $3.45

Virgin Galactic Holdings, Inc. (NYSE:SPCE) has been given an average recommendation of “Reduce” by the six research firms that are covering the firm, Marketbeat reports. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $3.45.

A number of analysts have recently commented on the company. Morgan Stanley set a $2.30 price target on Virgin Galactic and gave the company an “underweight” rating in a research note on Friday, December 12th. Susquehanna set a $3.50 price target on Virgin Galactic in a research note on Thursday, January 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Virgin Galactic in a research report on Wednesday, January 21st. Jefferies Financial Group lowered their price objective on Virgin Galactic from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Thursday, April 2nd. Finally, Wall Street Zen downgraded Virgin Galactic from a “hold” rating to a “sell” rating in a research report on Saturday.

Hedge Funds Weigh In On Virgin Galactic

Hedge funds have recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new position in shares of Virgin Galactic during the fourth quarter worth about $34,000. Gladstone Institutional Advisory LLC bought a new position in shares of Virgin Galactic during the third quarter worth about $42,000. Baader Bank Aktiengesellschaft bought a new position in shares of Virgin Galactic during the third quarter worth about $42,000. PharVision Advisers LLC bought a new position in shares of Virgin Galactic during the third quarter worth about $43,000. Finally, Pitcairn Co. bought a new position in shares of Virgin Galactic during the second quarter worth about $31,000. 46.62% of the stock is currently owned by institutional investors.

Virgin Galactic Stock Performance

Shares of SPCE stock opened at $3.00 on Friday. The business’s 50-day moving average price is $2.56 and its 200-day moving average price is $3.24. Virgin Galactic has a 12 month low of $2.13 and a 12 month high of $6.64. The firm has a market capitalization of $219.39 million, a price-to-earnings ratio of -0.51 and a beta of 2.20. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 1.87.

Virgin Galactic (NYSE:SPCE) last announced its quarterly earnings results on Monday, March 30th. The company reported ($0.98) EPS for the quarter, beating analysts’ consensus estimates of ($1.12) by $0.14. Virgin Galactic had a negative return on equity of 108.78% and a negative net margin of 18,063.93%.The firm had revenue of $0.31 million for the quarter, compared to analyst estimates of $0.41 million. During the same period last year, the firm posted ($2.53) earnings per share. Equities research analysts forecast that Virgin Galactic will post -16.05 EPS for the current year.

Virgin Galactic Company Profile

Virgin Galactic Holdings, Inc (NYSE: SPCE) is a commercial spaceflight company developing and operating spacecraft for private individuals and research customers. The firm’s primary business is suborbital human spaceflight, offering passengers a brief trip to the edge of space aboard its reusable spaceplane. In parallel, the company is building out infrastructure and support services for suborbital payload deployments and microgravity research missions.

The core flight system consists of a carrier aircraft, WhiteKnightTwo, which lifts the spaceplane SpaceShipTwo to high altitude before release.