Virgin Galactic Holdings, Inc. (NYSE:SPCE – Get Rating) has received an average rating of “Hold” from the twelve ratings firms that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $13.00.
A number of equities analysts have issued reports on the company. Wells Fargo & Company assumed coverage on Virgin Galactic in a report on Tuesday, June 21st. They issued an “underweight” rating and a $4.00 target price for the company. Canaccord Genuity Group cut Virgin Galactic from a “buy” rating to a “hold” rating and lowered their target price for the stock from $36.00 to $8.00 in a report on Friday, May 6th. Canaccord Genuity Group cut Virgin Galactic from a “buy” rating to a “hold” rating and lowered their target price for the stock from $36.00 to $8.00 in a report on Friday, May 6th. Finally, Truist Financial cut Virgin Galactic from a “hold” rating to a “sell” rating and lowered their target price for the stock from $8.00 to $5.00 in a report on Friday.
Institutional Investors Weigh In On Virgin Galactic
Several large investors have recently added to or reduced their stakes in the business. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its stake in Virgin Galactic by 30.5% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 315,854 shares of the company’s stock worth $1,901,000 after purchasing an additional 73,807 shares during the period. Van ECK Associates Corp acquired a new stake in Virgin Galactic during the second quarter worth approximately $218,000. Nisa Investment Advisors LLC acquired a new stake in Virgin Galactic during the second quarter worth approximately $54,000. Handelsbanken Fonder AB grew its stake in Virgin Galactic by 5.0% during the second quarter. Handelsbanken Fonder AB now owns 31,600 shares of the company’s stock worth $190,000 after purchasing an additional 1,500 shares during the period. Finally, Avantax Advisory Services Inc. grew its stake in Virgin Galactic by 16.8% during the second quarter. Avantax Advisory Services Inc. now owns 16,791 shares of the company’s stock worth $101,000 after purchasing an additional 2,412 shares during the period. Institutional investors and hedge funds own 29.70% of the company’s stock.
Virgin Galactic Price Performance
Virgin Galactic (NYSE:SPCE – Get Rating) last issued its earnings results on Thursday, August 4th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.07). Virgin Galactic had a negative return on equity of 41.32% and a negative net margin of 8,758.29%. The firm had revenue of $0.36 million during the quarter, compared to analyst estimates of $0.08 million. During the same period in the previous year, the company earned ($0.39) EPS. Virgin Galactic’s revenue for the quarter was down 37.5% on a year-over-year basis. On average, sell-side analysts forecast that Virgin Galactic will post -1.51 EPS for the current fiscal year.
About Virgin Galactic
Virgin Galactic Holdings, Inc focuses on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space. It is also involved in the ground and flight testing, and post-flight maintenance of its spaceflight system vehicles.
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