Virgin Galactic (NYSE:SPCE) Stock Rating Lowered by Wall Street Zen

Virgin Galactic (NYSE:SPCE) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Other research analysts have also recently issued reports about the stock. Susquehanna set a $3.50 price target on shares of Virgin Galactic in a research report on Thursday, January 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Virgin Galactic in a report on Wednesday, January 21st. Morgan Stanley set a $2.30 price objective on shares of Virgin Galactic and gave the company an “underweight” rating in a research note on Friday, December 12th. Finally, Jefferies Financial Group reduced their target price on shares of Virgin Galactic from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average target price of $3.45.

Virgin Galactic Trading Down 1.4%

Shares of SPCE stock opened at $2.43 on Friday. The company has a quick ratio of 2.87, a current ratio of 2.87 and a debt-to-equity ratio of 1.87. The business has a 50-day moving average price of $2.56 and a two-hundred day moving average price of $3.25. Virgin Galactic has a 12-month low of $2.13 and a 12-month high of $6.64. The firm has a market cap of $177.34 million, a P/E ratio of -0.41 and a beta of 2.20.

Virgin Galactic (NYSE:SPCE) last announced its quarterly earnings data on Monday, March 30th. The company reported ($0.98) EPS for the quarter, beating the consensus estimate of ($1.12) by $0.14. The firm had revenue of $0.31 million for the quarter, compared to analyst estimates of $0.41 million. Virgin Galactic had a negative return on equity of 108.78% and a negative net margin of 18,063.93%.During the same period in the prior year, the company earned ($2.53) EPS. Equities analysts anticipate that Virgin Galactic will post -16.05 EPS for the current fiscal year.

Hedge Funds Weigh In On Virgin Galactic

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Virgin Galactic by 26.9% during the third quarter. Vanguard Group Inc. now owns 2,342,026 shares of the company’s stock worth $9,040,000 after purchasing an additional 496,373 shares during the period. Goldman Sachs Group Inc. increased its holdings in Virgin Galactic by 149.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 573,296 shares of the company’s stock valued at $1,840,000 after purchasing an additional 343,444 shares during the period. 683 Capital Management LLC purchased a new position in Virgin Galactic during the 4th quarter valued at about $899,000. Millennium Management LLC raised its position in Virgin Galactic by 118.9% during the 4th quarter. Millennium Management LLC now owns 479,789 shares of the company’s stock valued at $1,540,000 after purchasing an additional 260,594 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in Virgin Galactic by 37,003.2% during the 4th quarter. Federated Hermes Inc. now owns 176,240 shares of the company’s stock valued at $566,000 after purchasing an additional 175,765 shares during the last quarter. Hedge funds and other institutional investors own 46.62% of the company’s stock.

About Virgin Galactic

Virgin Galactic Holdings, Inc (NYSE: SPCE) is a commercial spaceflight company developing and operating spacecraft for private individuals and research customers. The firm’s primary business is suborbital human spaceflight, offering passengers a brief trip to the edge of space aboard its reusable spaceplane. In parallel, the company is building out infrastructure and support services for suborbital payload deployments and microgravity research missions.

The core flight system consists of a carrier aircraft, WhiteKnightTwo, which lifts the spaceplane SpaceShipTwo to high altitude before release.