Virgin Galactic Stock Set to Reverse Split on Monday, June 17th (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCEFree Report) shares are set to reverse split on Monday, June 17th. The 1-20 reverse split was announced on Wednesday, June 12th. The number of shares owned by shareholders will be adjusted after the market closes on Friday, June 14th.

Virgin Galactic Stock Down 6.2 %

SPCE stock opened at $0.68 on Friday. Virgin Galactic has a 12 month low of $0.67 and a 12 month high of $6.17. The company has a debt-to-equity ratio of 1.00, a current ratio of 4.88 and a quick ratio of 4.88. The company has a market cap of $281.74 million, a price-to-earnings ratio of -0.55 and a beta of 1.76. The company has a fifty day moving average price of $18.60 and a 200 day moving average price of $31.73.

Virgin Galactic (NYSE:SPCEGet Free Report) last announced its earnings results 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 business had revenue of $1.99 million during the quarter, compared to the consensus estimate 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 business’s quarterly revenue was up 406.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($11.40) earnings per share. Sell-side analysts expect that Virgin Galactic will post -0.94 earnings per share for the current year.

Analyst Ratings Changes

SPCE has been the topic of a number of recent research reports. Susquehanna dropped their target price on Virgin Galactic from $40.00 to $22.00 and set a “neutral” rating on the stock in a report on Wednesday, May 8th. The Goldman Sachs Group dropped their price objective on shares of Virgin Galactic from $80.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, May 13th. Truist Financial reduced their target price on shares of Virgin Galactic from $60.00 to $40.00 and set a “hold” rating for the company in a research note on Wednesday, February 28th. Wells Fargo & Company dropped their price target on shares of Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating on the stock in a research note on Thursday, May 9th. Finally, TD Cowen reduced their price objective on shares of Virgin Galactic from $50.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, May 13th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $37.00.

Check Out Our Latest Report on SPCE

Institutional Trading of Virgin Galactic

A number of institutional investors have recently added to or reduced their stakes in SPCE. Vanguard Group Inc. lifted 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 acquiring an additional 158,954 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Virgin Galactic by 14.8% during the fourth 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Virgin Galactic by 2.3% in the first 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. Penserra Capital Management LLC increased its position in shares of Virgin Galactic by 44.2% in the third quarter. Penserra Capital Management LLC now owns 817,702 shares of the company’s stock valued at $1,471,000 after buying an additional 250,583 shares in the last quarter. Finally, Citigroup Inc. raised its stake in shares of Virgin Galactic by 92.3% during the 3rd quarter. Citigroup Inc. now owns 761,902 shares of the company’s stock worth $1,371,000 after buying an additional 365,657 shares during the last quarter. Hedge funds and other institutional investors own 46.62% of the company’s stock.

Virgin Galactic Company Profile

(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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