The Goldman Sachs Group Lowers Virgin Galactic (NYSE:SPCE) Price Target to $61.00

Virgin Galactic (NYSE:SPCE) had its price target cut by equities researchers at The Goldman Sachs Group from $70.00 to $61.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the stock.

A number of other equities research analysts have also recently commented on SPCE. Wells Fargo & Company cut their price target on shares of Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating on the stock in a report on Thursday, May 9th. TD Cowen decreased their price target on Virgin Galactic from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Susquehanna dropped their price objective on Virgin Galactic from $40.00 to $22.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 8th. Finally, Morgan Stanley boosted their target price on Virgin Galactic from $1.75 to $35.00 and gave the stock an “underweight” rating in a research report on Thursday, June 20th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Virgin Galactic has a consensus rating of “Hold” and an average target price of $35.50.

Virgin Galactic Stock Performance

Shares of SPCE opened at $7.72 on Wednesday. Virgin Galactic has a 52 week low of $7.00 and a 52 week high of $86.40. The company has a quick ratio of 4.88, a current ratio of 4.88 and a debt-to-equity ratio of 1.00. The stock has a market cap of $158.78 million, a P/E ratio of -0.31 and a beta of 1.71. The business’s 50 day moving average price is $14.55 and its 200-day moving average price is $26.77.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($5.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.20) by $0.20. Virgin Galactic had a negative return on equity of 87.99% and a negative net margin of 5,301.61%. The firm had revenue of $1.99 million during the quarter, compared to analyst estimates of $2.05 million. During the same quarter in the previous year, the firm earned ($11.40) EPS. Virgin Galactic’s quarterly revenue was up 406.4% compared to the same quarter last year. Equities research analysts anticipate that Virgin Galactic will post -18.75 earnings per share for the current fiscal year.

Institutional Trading of Virgin Galactic

A number of hedge funds and other institutional investors have recently modified their holdings of SPCE. Axxcess Wealth Management LLC bought a new stake in Virgin Galactic in the 4th quarter valued at $27,000. Vanguard Personalized Indexing Management LLC bought a new stake in shares of Virgin Galactic in the fourth quarter worth about $30,000. Optas LLC purchased a new stake in shares of Virgin Galactic in the fourth quarter worth about $31,000. Ballentine Partners LLC bought a new position in Virgin Galactic during the fourth quarter valued at approximately $32,000. Finally, Capital Square LLC bought a new stake in Virgin Galactic in the 4th quarter worth approximately $34,000. 46.62% of the stock is owned by hedge funds and other institutional investors.

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.