Virgin Galactic (NYSE:SPCE) Given New $2.00 Price Target at TD Cowen

Virgin Galactic (NYSE:SPCE - Get Free Report) had its price target reduced by TD Cowen from $2.50 to $2.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's target price points to a potential upside of 92.31% from the stock's current price.

A number of other research analysts also recently weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Virgin Galactic from $1.00 to $0.75 and set an "underweight" rating for the company in a research report on Thursday. Susquehanna decreased their price objective on Virgin Galactic from $2.00 to $1.10 and set a "neutral" rating for the company in a report on Wednesday, May 8th. Finally, Truist Financial dropped their target price on Virgin Galactic from $3.00 to $2.00 and set a "hold" rating on the stock in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Virgin Galactic currently has a consensus rating of "Hold" and an average price target of $2.26.

Virgin Galactic Stock Up 9.2 %

SPCE stock traded up $0.09 during mid-day trading on Monday, hitting $1.04. 20,253,377 shares of the company were exchanged, compared to its average volume of 13,102,122. The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.88 and a current ratio of 4.88. Virgin Galactic has a 1-year low of $0.70 and a 1-year high of $6.17. The firm's 50 day simple moving average is $1.24 and its 200 day simple moving average is $1.75. The firm has a market cap of $416.04 million, a P/E ratio of -0.84 and a beta of 1.71.

Virgin Galactic (NYSE:SPCE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.25) EPS for the quarter, topping analysts' consensus estimates of ($0.26) by $0.01. The business had revenue of $1.99 million for the quarter, compared to analyst estimates of $2.05 million. Virgin Galactic had a negative net margin of 5,301.61% and a negative return on equity of 87.99%. The firm's quarterly revenue was up 406.4% on a year-over-year basis. During the same period last year, the business posted ($0.57) earnings per share. On average, sell-side analysts predict that Virgin Galactic will post -0.99 EPS for the current fiscal year.

Institutional Trading of Virgin Galactic

A number of hedge funds have recently modified their holdings of SPCE. Vanguard Group Inc. increased its position in Virgin Galactic by 29.2% during the 3rd quarter. Vanguard Group Inc. now owns 30,165,775 shares of the company's stock worth $54,298,000 after buying an additional 6,823,646 shares during the period. Quadrature Capital Ltd raised its stake in Virgin Galactic by 822.7% in the 3rd quarter. Quadrature Capital Ltd now owns 650,766 shares of the company's stock worth $1,175,000 after purchasing an additional 580,238 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Virgin Galactic by 27.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,357,773 shares of the company's stock worth $4,244,000 after purchasing an additional 507,946 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Virgin Galactic during the 3rd quarter worth approximately $703,000. Finally, Citigroup Inc. grew its position in shares of Virgin Galactic by 92.3% during the 3rd quarter. Citigroup Inc. now owns 761,902 shares of the company's stock worth $1,371,000 after purchasing an additional 365,657 shares in the last quarter. Institutional investors and hedge funds own 46.62% of the company's stock.

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.