Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE – Get Rating) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $8.19, but opened at $7.21. Virgin Galactic shares last traded at $7.15, with a volume of 250,928 shares changing hands.
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 net margin of 8,758.29% and a negative return on equity of 41.32%. The business had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.08 million. During the same period in the previous year, the firm earned ($0.39) EPS. The company’s revenue was down 37.5% on a year-over-year basis.
Analyst Ratings Changes
Several brokerages recently weighed in on SPCE. Truist Financial downgraded shares of Virgin Galactic from a “hold” rating to a “sell” rating and dropped their target price for the stock from $8.00 to $5.00 in a report on Friday. Wells Fargo & Company began coverage on shares of 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 downgraded shares of Virgin Galactic from a “buy” rating to a “hold” rating and dropped their target price for the stock from $36.00 to $8.00 in a report on Friday, May 6th. Finally, Canaccord Genuity Group downgraded shares of Virgin Galactic from a “buy” rating to a “hold” rating and dropped their target price for the stock from $36.00 to $8.00 in a report on Friday, May 6th. Five analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $13.00.
Institutional Trading of Virgin Galactic
Virgin Galactic Stock Performance
The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -4.90 and a beta of 0.71. The stock’s 50 day moving average is $6.85 and its two-hundred day moving average is $7.82. The company has a current ratio of 6.65, a quick ratio of 6.44 and a debt-to-equity ratio of 0.55.
Virgin Galactic Company Profile
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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