Brokerages Set Virgin Galactic Holdings, Inc. (NYSE:SPCE) Target Price at $33.17

Virgin Galactic Holdings, Inc. (NYSE:SPCE) has been given a consensus recommendation of “Reduce” by the six brokerages that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $33.17.

Several analysts have weighed in on SPCE shares. TD Cowen dropped their price target on Virgin Galactic from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, May 13th. Wells Fargo & Company dropped their price target on Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating on the stock in a research note on Thursday, May 9th. Susquehanna dropped their price target on Virgin Galactic from $24.00 to $8.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 17th. Morgan Stanley boosted their price target on Virgin Galactic from $1.75 to $35.00 and gave the company an “underweight” rating in a research note on Thursday, June 20th. Finally, The Goldman Sachs Group dropped their price target on Virgin Galactic from $70.00 to $61.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th.

Virgin Galactic Stock Up 0.5 %

Shares of SPCE stock opened at $7.10 on Friday. Virgin Galactic has a 1-year low of $6.22 and a 1-year high of $86.40. The stock’s fifty day moving average price is $10.86 and its 200 day moving average price is $22.63. 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 company has a market cap of $145.94 million, a price-to-earnings ratio of -0.28 and a beta of 1.71.

Virgin Galactic (NYSE:SPCE) last announced its earnings results on Tuesday, May 7th. The company reported ($5.00) earnings per share 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 firm had revenue of $1.99 million for the quarter, compared to the consensus estimate of $2.05 million. During the same period in the previous year, the business earned ($11.40) EPS. The firm’s revenue for the quarter was up 406.4% on a year-over-year basis. On average, research analysts expect that Virgin Galactic will post -18.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Virgin Galactic

Several institutional investors and hedge funds have recently modified their holdings of SPCE. Axxcess Wealth Management LLC acquired a new position in shares of Virgin Galactic in the 4th quarter valued at about $27,000. Vanguard Personalized Indexing Management LLC acquired a new position in Virgin Galactic in the 4th quarter worth about $30,000. Optas LLC acquired a new position in Virgin Galactic in the 4th quarter worth about $31,000. Ballentine Partners LLC acquired a new position in Virgin Galactic in the 4th quarter worth about $32,000. Finally, Capital Square LLC acquired a new position in Virgin Galactic in the 4th quarter worth about $34,000. Institutional investors and hedge funds 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.