Virgin Galactic (NYSE:SPCE) PT Lowered to $0.75 at Wells Fargo & Company

Virgin Galactic (NYSE:SPCE) had its price objective decreased by Wells Fargo & Company from $1.00 to $0.75 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential downside of 25.37% from the company’s previous close.

SPCE has been the topic of several other reports. Susquehanna decreased their target price on shares of Virgin Galactic from $2.00 to $1.10 and set a “neutral” rating on the stock in a research report on Wednesday. Truist Financial decreased their target price on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating on the stock in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to data from MarketBeat, Virgin Galactic currently has an average rating of “Hold” and an average price target of $2.07.

Virgin Galactic Stock Performance

NYSE:SPCE traded up $0.01 during midday trading on Thursday, reaching $1.01. The stock had a trading volume of 6,151,875 shares, compared to its average volume of 12,765,458. The firm has a fifty day simple moving average of $1.28 and a two-hundred day simple moving average of $1.76. Virgin Galactic has a 12-month low of $0.70 and a 12-month high of $6.17. The company has a quick ratio of 5.03, a current ratio of 5.12 and a debt-to-equity ratio of 0.83. The stock has a market cap of $402.04 million, a P/E ratio of -0.65 and a beta of 1.71.

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

Hedge Funds Weigh In On Virgin Galactic

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Virgin Galactic by 29.2% during 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 period. Charles Schwab Investment Management Inc. grew its holdings in shares of Virgin Galactic by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,707,073 shares of the company’s stock worth $6,632,000 after purchasing an additional 349,300 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Virgin Galactic by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 958,542 shares of the company’s stock worth $1,725,000 after purchasing an additional 59,159 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Virgin Galactic by 2.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 819,273 shares of the company’s stock worth $1,213,000 after purchasing an additional 18,305 shares during the period. Finally, Penserra Capital Management LLC grew its holdings in shares of Virgin Galactic by 44.2% during the 3rd quarter. Penserra Capital Management LLC now owns 817,702 shares of the company’s stock worth $1,471,000 after purchasing an additional 250,583 shares during the period. 46.62% of the stock is currently owned by institutional investors and hedge funds.

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.