Virgin Galactic (NYSE:SPCE) Price Target Cut to $61.00

Virgin Galactic (NYSE:SPCE) had its target price cut by investment analysts at The Goldman Sachs Group from $70.00 to $61.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock.

A number of other research analysts have also issued reports on the company. 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 report on Thursday, May 9th. Morgan Stanley lifted their target price on Virgin Galactic from $1.75 to $35.00 and gave the stock an “underweight” rating in a report on Thursday, June 20th. TD Cowen lowered their target price on Virgin Galactic from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, May 13th. Finally, Susquehanna lowered 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 assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $35.50.

Virgin Galactic Stock Performance

Shares of SPCE traded up $0.35 during trading hours on Wednesday, reaching $7.39. 1,328,676 shares of the company’s stock traded hands, compared to its average volume of 1,121,746. The firm has a market capitalization of $152.00 million, a price-to-earnings ratio of -0.30 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. Virgin Galactic has a twelve month low of $7.00 and a twelve month high of $86.40. The business’s fifty day simple moving average is $14.97 and its two-hundred day simple moving average is $27.04.

Virgin Galactic (NYSE:SPCE) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($5.00) EPS for the quarter, beating analysts’ consensus estimates of ($5.20) by $0.20. The company had revenue of $1.99 million for the quarter, compared to analyst estimates of $2.05 million. Virgin Galactic had a negative return on equity of 87.99% and a negative net margin of 5,301.61%. The company’s quarterly revenue was up 406.4% compared to the same quarter last year. During the same period last year, the company earned ($11.40) earnings per share. Analysts predict that Virgin Galactic will post -18.75 earnings per share for the current year.

Institutional Investors Weigh In On Virgin Galactic

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in 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 acquiring an additional 6,823,646 shares during the period. Swiss National Bank boosted its position in Virgin Galactic by 23.0% during the 4th quarter. Swiss National Bank now owns 687,400 shares of the company’s stock worth $1,684,000 after acquiring an additional 128,400 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Virgin Galactic by 57.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 800,968 shares of the company’s stock valued at $1,850,000 after buying an additional 291,757 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Virgin Galactic during the 4th quarter valued at about $32,000. Finally, Nisa Investment Advisors LLC lifted its holdings in shares of Virgin Galactic by 649.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 18,973 shares of the company’s stock valued at $46,000 after buying an additional 16,443 shares during the last quarter. 46.62% of the stock is currently owned by institutional investors and hedge funds.

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.