Virgin Galactic (NYSE:SPCE) Price Target Cut to $61.00 by Analysts at The Goldman Sachs Group

Virgin Galactic (NYSE:SPCEFree Report) had its target price lowered by The Goldman Sachs Group from $70.00 to $61.00 in a research note released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages have also weighed in on SPCE. Wells Fargo & Company lowered their price target on shares of Virgin Galactic from $20.00 to $15.00 and set an underweight rating for the company in a report on Thursday, May 9th. Morgan Stanley raised their price target on shares of Virgin Galactic from $1.75 to $35.00 and gave the company an underweight rating in a report on Thursday, June 20th. Susquehanna reduced their price objective on shares of Virgin Galactic from $40.00 to $22.00 and set a neutral rating on the stock in a research note on Wednesday, May 8th. Finally, TD Cowen reduced their price target on shares of Virgin Galactic from $50.00 to $40.00 and set a buy rating on the stock in a research report on Monday, May 13th. 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 stock. Based on data from MarketBeat.com, Virgin Galactic presently has an average rating of Hold and a consensus price target of $35.50.

View Our Latest Research Report on Virgin Galactic

Virgin Galactic Stock Performance

NYSE:SPCE opened at $7.06 on Wednesday. Virgin Galactic has a 12-month low of $7.00 and a 12-month high of $86.40. The company has a quick ratio of 4.88, a current ratio of 4.88 and a debt-to-equity ratio of 1.00. The firm has a market capitalization of $145.11 million, a PE ratio of -0.28 and a beta of 1.71. The firm has a 50-day moving average price of $14.74 and a 200 day moving average price of $26.90.

Virgin Galactic (NYSE:SPCEGet Free Report) last posted its quarterly earnings data 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. The company had revenue of $1.99 million during the quarter, compared to analyst estimates of $2.05 million. Virgin Galactic had a negative net margin of 5,301.61% and a negative return on equity of 87.99%. The company’s revenue was up 406.4% on a year-over-year basis. During the same quarter last year, the business posted ($11.40) earnings per share. Research analysts anticipate that Virgin Galactic will post -18.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Virgin Galactic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SPCE. Vanguard Group Inc. increased its stake in Virgin Galactic by 29.2% in the 3rd quarter. Vanguard Group Inc. now owns 30,165,775 shares of the company’s stock valued at $54,298,000 after buying an additional 6,823,646 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Virgin Galactic by 14.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,707,073 shares of the company’s stock valued at $6,632,000 after buying an additional 349,300 shares during the last quarter. SG Americas Securities LLC increased its stake in Virgin Galactic by 1,021.3% in the 1st quarter. SG Americas Securities LLC now owns 338,050 shares of the company’s stock valued at $500,000 after buying an additional 307,901 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Virgin Galactic by 57.3% in 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. Finally, Caxton Associates LP increased its stake in Virgin Galactic by 52.9% in the 1st quarter. Caxton Associates LP now owns 562,404 shares of the company’s stock valued at $832,000 after buying an additional 194,675 shares during the last quarter. 46.62% of the stock is currently owned by institutional investors and hedge funds.

About Virgin Galactic

(Get Free Report)

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.

Featured Articles

Analyst Recommendations for Virgin Galactic (NYSE:SPCE)

Receive News & Ratings for Virgin Galactic Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Virgin Galactic and related companies with MarketBeat.com's FREE daily email newsletter.