Virgin Galactic (NYSE:SPCE) Shares Gap Up to $1.04

Virgin Galactic Holdings, Inc. (NYSE:SPCE - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $1.04, but opened at $1.27. Virgin Galactic shares last traded at $1.35, with a volume of 22,839,205 shares changing hands.

Wall Street Analysts Forecast Growth

SPCE has been the topic of a number of recent research reports. Susquehanna dropped their price target on Virgin Galactic from $2.00 to $1.10 and set a "neutral" rating on the stock in a research report on Wednesday, May 8th. TD Cowen dropped their target price on Virgin Galactic from $2.50 to $2.00 and set a "buy" rating on the stock in a research report on Monday. Wells Fargo & Company cut their target price on shares of Virgin Galactic from $1.00 to $0.75 and set an "underweight" rating for the company in a report on Thursday, May 9th. Truist Financial cut their target price on shares of Virgin Galactic from $3.00 to $2.00 and set a "hold" rating for the company in a research note on Wednesday, February 28th. Finally, The Goldman Sachs Group lowered their price target on Virgin Galactic from $4.00 to $3.50 and set a "neutral" rating on the stock in a research note on Monday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, Virgin Galactic currently has a consensus rating of "Hold" and a consensus price target of $2.26.

Virgin Galactic Stock Performance

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 50-day moving average price of $1.22 and a 200 day moving average price of $1.75. The firm has a market capitalization of $508.05 million, a price-to-earnings ratio of -1.01 and a beta of 1.71.

Virgin Galactic (NYSE:SPCE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.26) by $0.01. Virgin Galactic had a negative net margin of 5,301.61% and a negative return on equity of 87.99%. The company had revenue of $1.99 million for the quarter, compared to the consensus estimate of $2.05 million. During the same quarter in the prior year, the firm earned ($0.57) earnings per share. The company's revenue for the quarter was up 406.4% compared to the same quarter last year. On average, analysts forecast that Virgin Galactic Holdings, Inc. will post -0.99 EPS for the current year.

Hedge Funds Weigh In On Virgin Galactic

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Commonwealth Equity Services LLC raised its position in shares of Virgin Galactic by 19.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 56,147 shares of the company's stock valued at $101,000 after purchasing an additional 9,286 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Virgin Galactic by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 958,542 shares of the company's stock valued at $1,725,000 after buying an additional 59,159 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Virgin Galactic by 61.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,553 shares of the company's stock worth $78,000 after acquiring an additional 16,575 shares during the period. Strategic Wealth Investment Group LLC boosted its position in Virgin Galactic by 3.5% during the 3rd quarter. Strategic Wealth Investment Group LLC now owns 245,241 shares of the company's stock worth $441,000 after acquiring an additional 8,391 shares during the period. Finally, Victory Capital Management Inc. boosted its stake in Virgin Galactic by 51.7% during the 3rd quarter. Victory Capital Management Inc. now owns 36,303 shares of the company's stock valued at $65,000 after purchasing an additional 12,368 shares in the last quarter. 46.62% of the stock is owned by institutional investors and hedge funds.

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.