TD Cowen Lowers Virgin Galactic (NYSE:SPCE) Price Target to $2.00

Virgin Galactic (NYSE:SPCEGet Free Report) had its price target reduced by TD Cowen from $2.50 to $2.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. TD Cowen’s price target points to a potential upside of 87.79% from the company’s current price.

Other research analysts also recently issued research reports about the company. Truist Financial lowered their target price on Virgin Galactic from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, February 28th. Susquehanna lowered their target price on Virgin Galactic from $2.00 to $1.10 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, Wells Fargo & Company dropped their target price on shares of Virgin Galactic from $1.00 to $0.75 and set an “underweight” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $2.26.

Read Our Latest Analysis on Virgin Galactic

Virgin Galactic Stock Performance

Shares of NYSE:SPCE traded up $0.11 on Monday, reaching $1.07. 10,748,350 shares of the company’s stock were exchanged, compared to its average volume of 12,989,363. The company has a market capitalization of $426.04 million, a price-to-earnings ratio of -0.86 and a beta of 1.71. 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 4.88, a quick ratio of 4.88 and a debt-to-equity ratio of 1.00. The company has a fifty day moving average of $1.24 and a 200-day moving average of $1.75.

Virgin Galactic (NYSE:SPCEGet Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.01. Virgin Galactic had a negative net margin of 5,301.61% and a negative return on equity of 87.99%. The business had revenue of $1.99 million during the quarter, compared to analysts’ expectations of $2.05 million. During the same quarter in the prior year, the business posted ($0.57) earnings per share. Virgin Galactic’s revenue was up 406.4% compared to the same quarter last year. On average, research analysts predict that Virgin Galactic will post -0.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Virgin Galactic

A number of hedge funds and other institutional investors have recently bought and sold shares of SPCE. Vanguard Group Inc. grew its position in shares of Virgin Galactic by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 34,633,452 shares of the company’s stock valued at $51,258,000 after purchasing an additional 158,954 shares in the last quarter. Charles Schwab Investment Management Inc. lifted 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 acquiring an additional 349,300 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Virgin Galactic by 6.6% during the third 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position 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 valued at $1,213,000 after purchasing an additional 18,305 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its stake in Virgin Galactic by 44.2% in the third quarter. Penserra Capital Management LLC now owns 817,702 shares of the company’s stock worth $1,471,000 after buying an additional 250,583 shares in the last quarter. Institutional investors own 46.62% of the company’s stock.

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.

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Analyst Recommendations for Virgin Galactic (NYSE:SPCE)

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