Virgin Galactic (NYSE:SPCE) had its target price decreased by Credit Suisse Group from $42.00 to $33.00 in a research note released on Monday, Benzinga reports. Credit Suisse Group currently has an outperform rating on the stock.
Other research analysts also recently issued reports about the company. Morgan Stanley downgraded Virgin Galactic from an overweight rating to an equal weight rating and raised their price objective for the stock from $24.00 to $30.00 in a report on Monday, February 1st. Sanford C. Bernstein started coverage on Virgin Galactic in a report on Monday, April 19th. They set a market perform rating and a $27.00 price objective on the stock. Alembic Global Advisors downgraded Virgin Galactic from an overweight rating to a neutral rating and set a $39.00 price target on the stock. in a report on Friday, February 26th. Susquehanna Bancshares lifted their price target on Virgin Galactic from $20.00 to $32.00 and gave the company a neutral rating in a report on Tuesday, May 11th. Finally, Truist started coverage on Virgin Galactic in a report on Wednesday, March 17th. They issued a buy rating and a $50.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $35.46.
Shares of SPCE stock opened at $17.27 on Monday. The stock has a 50 day moving average price of $23.32 and a 200 day moving average price of $30.13. The firm has a market capitalization of $4.09 billion, a P/E ratio of -13.18 and a beta of 0.80. Virgin Galactic has a 52-week low of $14.21 and a 52-week high of $62.80.
Virgin Galactic (NYSE:SPCE) last released its quarterly earnings data on Monday, May 10th. The company reported ($0.55) EPS for the quarter, missing the consensus estimate of ($0.31) by ($0.24). During the same period in the prior year, the firm posted ($1.86) earnings per share. On average, equities research analysts anticipate that Virgin Galactic will post -1.26 earnings per share for the current fiscal year.
In other news, major shareholder Virgin Investments Ltd sold 1,900,000 shares of the business’s stock in a transaction dated Monday, April 12th. The stock was sold at an average price of $26.98, for a total value of $51,262,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Chamath Palihapitiya sold 3,100,000 shares of the business’s stock in a transaction dated Tuesday, March 2nd. The shares were sold at an average price of $35.28, for a total value of $109,368,000.00. Following the completion of the transaction, the director now directly owns 4,910,292 shares of the company’s stock, valued at approximately $173,235,101.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,484,000 shares of company stock valued at $200,490,240. 14.30% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of the company. Bedel Financial Consulting Inc. lifted its holdings in shares of Virgin Galactic by 33.2% in the 4th quarter. Bedel Financial Consulting Inc. now owns 1,054 shares of the company’s stock valued at $25,000 after buying an additional 263 shares during the period. Joseph P. Lucia & Associates LLC increased its stake in shares of Virgin Galactic by 125.0% in the 1st quarter. Joseph P. Lucia & Associates LLC now owns 900 shares of the company’s stock valued at $28,000 after purchasing an additional 500 shares in the last quarter. Howard Financial Services LTD. increased its stake in shares of Virgin Galactic by 5.0% in the 1st quarter. Howard Financial Services LTD. now owns 10,600 shares of the company’s stock valued at $325,000 after purchasing an additional 500 shares in the last quarter. Financial Engines Advisors L.L.C. increased its stake in shares of Virgin Galactic by 5.1% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 10,677 shares of the company’s stock valued at $253,000 after purchasing an additional 522 shares in the last quarter. Finally, SOA Wealth Advisors LLC. purchased a new position in shares of Virgin Galactic in the 4th quarter valued at about $31,000. 23.46% of the stock is owned by institutional investors and hedge funds.
About Virgin Galactic
Virgin Galactic Holdings, Inc, an integrated aerospace company, develops human spaceflight for private individuals and researchers in the United States. It also manufactures air and space vehicles. The company's spaceship operations include commercial human spaceflight, flying commercial research, and development payloads into space.
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