Virgin Galactic (NYSE:SPCE) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Virgin Galactic (NYSE:SPCE) announced its quarterly earnings data on Tuesday. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.01, Briefing.com reports. Virgin Galactic had a negative return on equity of 102.01% and a negative net margin of 7,387.31%. The firm had revenue of $1.99 million during the quarter, compared to analyst estimates of $2.05 million. During the same period in the previous year, the company earned ($0.57) earnings per share. Virgin Galactic’s quarterly revenue was up 406.4% on a year-over-year basis.

Virgin Galactic Stock Performance

Shares of NYSE SPCE traded down $0.03 during midday trading on Wednesday, hitting $0.98. 19,451,182 shares of the company’s stock were exchanged, compared to its average volume of 12,743,577. The company has a debt-to-equity ratio of 0.83, a current ratio of 5.12 and a quick ratio of 5.03. The stock’s 50 day moving average price is $1.28 and its 200-day moving average price is $1.76. The firm has a market cap of $392.04 million, a P/E ratio of -0.58 and a beta of 1.71. Virgin Galactic has a twelve month low of $0.70 and a twelve month high of $6.17.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SPCE. Wells Fargo & Company decreased 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 decreased 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. Finally, Susquehanna decreased their target price on Virgin Galactic from $2.00 to $1.10 and set a “neutral” rating for the company in a research note on Wednesday. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.12.

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.