Susquehanna Cuts Virgin Galactic (NYSE:SPCE) Price Target to $1.10

Virgin Galactic (NYSE:SPCE) had its target price cut by stock analysts at Susquehanna from $2.00 to $1.10 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s price objective suggests a potential upside of 14.94% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company reduced their target price on Virgin Galactic from $1.75 to $1.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. Truist Financial reduced their price objective on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating on the stock in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $2.12.

Virgin Galactic Price Performance

SPCE opened at $0.96 on Wednesday. Virgin Galactic has a twelve month low of $0.70 and a twelve month high of $6.17. The company has a current ratio of 5.12, a quick ratio of 5.03 and a debt-to-equity ratio of 0.83. The firm has a market cap of $382.84 million, a price-to-earnings ratio of -0.64 and a beta of 1.71. The company has a fifty day simple moving average of $1.28 and a 200 day simple moving average of $1.76.

Virgin Galactic (NYSE:SPCE) last announced its earnings results on Tuesday, May 7th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.01. The company had revenue of $1.99 million during the quarter, compared to the consensus estimate of $2.05 million. Virgin Galactic had a negative return on equity of 102.01% and a negative net margin of 7,387.31%. The company’s revenue was up 406.4% on a year-over-year basis. During the same period last year, the firm earned ($0.57) earnings per share. Equities research analysts expect that Virgin Galactic will post -0.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Virgin Galactic

A number of hedge funds have recently added to or reduced their stakes in SPCE. Axxcess Wealth Management LLC bought a new position in shares of Virgin Galactic during the fourth quarter valued at approximately $27,000. Vanguard Personalized Indexing Management LLC bought a new position in Virgin Galactic during the 4th quarter worth $30,000. Optas LLC bought a new position in Virgin Galactic during the 4th quarter worth $31,000. Ballentine Partners LLC acquired a new stake in Virgin Galactic in the fourth quarter worth $32,000. Finally, Capital Square LLC bought a new stake in Virgin Galactic in the fourth quarter valued at $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.