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

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

Virgin Galactic Price Performance

Shares of NYSE SPCE traded down $0.01 during midday trading on Wednesday, reaching $1.00. 20,547,251 shares of the company were exchanged, compared to its average volume of 12,756,476. The stock’s 50-day moving average price is $1.28 and its 200-day moving average price is $1.76. The stock has a market cap of $400.20 million, a P/E ratio of -0.58 and a beta of 1.71. Virgin Galactic has a one year low of $0.70 and a one year 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.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Susquehanna lowered their target price on shares of Virgin Galactic from $2.00 to $1.10 and set a “neutral” rating on the stock in a report on Wednesday. Wells Fargo & Company decreased their price objective on shares of Virgin Galactic from $1.75 to $1.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Finally, Truist Financial decreased their price objective on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating on the stock in a research note 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’s stock. According to MarketBeat.com, Virgin Galactic has an average rating of “Hold” and an average target price of $2.12.

About Virgin Galactic

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.