Virgin Orbit (NASDAQ:VORB) Price Target Cut to $12.00

Virgin Orbit (NASDAQ:VORBGet Rating) had its price target dropped by equities research analysts at Canaccord Genuity Group from $20.00 to $12.00 in a report released on Thursday, The Fly reports. Canaccord Genuity Group’s target price would indicate a potential upside of 248.84% from the company’s previous close.

Separately, Canaccord Genuity Group began coverage on Virgin Orbit in a report on Monday, February 28th. They issued a “buy” rating and a $20.00 price objective on the stock.

Shares of VORB stock traded down $0.57 during mid-day trading on Thursday, reaching $3.44. The stock had a trading volume of 1,464 shares, compared to its average volume of 708,494. The business has a fifty day moving average of $6.26. Virgin Orbit has a 1-year low of $3.92 and a 1-year high of $11.28.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Citigroup Inc. acquired a new stake in shares of Virgin Orbit during the 1st quarter worth approximately $61,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Virgin Orbit during the 1st quarter worth approximately $76,000. Tuttle Capital Management LLC acquired a new stake in shares of Virgin Orbit during the 1st quarter worth approximately $79,000. Sciencast Management LP acquired a new stake in shares of Virgin Orbit during the 1st quarter worth approximately $180,000. Finally, Exos Asset Management LLC acquired a new stake in shares of Virgin Orbit during the 4th quarter worth approximately $69,000. 52.12% of the stock is currently owned by institutional investors and hedge funds.

Virgin Orbit Company Profile (Get Rating)

Virgin Orbit Holdings, Inc designs and develops launch solutions for small satellites. It offers launch services for national security and defense; rideshare satellite launch services; civil spaceports; and space solutions. The company is headquartered in Long Beach, California. Virgin Orbit Holdings, Inc is a subsidiary of Vieco 10 Ltd.

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