Wall Street Zen Upgrades Virgin Galactic (NYSE:SPCE) to Hold

Key Points

• Wall Street Zen upgraded Virgin Galactic's rating from "sell" to "hold," signaling a shift in analysts' sentiment towards the stock.
• Despite this upgrade, Jefferies Financial Group lowered their target price for Virgin Galactic from $9.00 to $8.00 while maintaining a "buy" rating.
• Shares of Virgin Galactic have been volatile, with a current market cap of $129.31 million and a significant decline of 9.1% recently.

Wall Street Zen upgraded shares of Virgin Galactic (NYSE:SPCE - Free Report) from a sell rating to a hold rating in a report published on Saturday.

Several other research analysts have also weighed in on SPCE. Jefferies Financial Group dropped their target price on Virgin Galactic from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. The Goldman Sachs Group initiated coverage on Virgin Galactic in a research report on Monday, June 30th. They issued a "neutral" rating and a $3.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $4.81.

Virgin Galactic Price Performance

Shares of NYSE:SPCE traded down $0.04 during trading hours on Friday, hitting $2.96. 2,211,338 shares of the company's stock traded hands, compared to its average volume of 3,645,745. Virgin Galactic has a 52 week low of $2.18 and a 52 week high of $8.19. The company has a debt-to-equity ratio of 1.60, a quick ratio of 3.38 and a current ratio of 3.38. The company's fifty day simple moving average is $3.31 and its two-hundred day simple moving average is $3.43. The company has a market cap of $122.87 million, a price-to-earnings ratio of -0.33 and a beta of 2.01.

Virgin Galactic (NYSE:SPCE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported ($1.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.12) by $0.65. Virgin Galactic had a negative return on equity of 98.94% and a negative net margin of 17,828.03%. The firm had revenue of $0.41 million for the quarter, compared to the consensus estimate of $0.45 million. As a group, equities analysts anticipate that Virgin Galactic will post -16.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Virgin Galactic

A number of hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. increased its position in Virgin Galactic by 134.7% in the first quarter. Federated Hermes Inc. now owns 1,956,199 shares of the company's stock worth $5,927,000 after purchasing an additional 1,122,535 shares during the period. Millennium Management LLC lifted its stake in Virgin Galactic by 62.0% in the fourth quarter. Millennium Management LLC now owns 946,956 shares of the company's stock valued at $5,568,000 after buying an additional 362,421 shares during the period. Geode Capital Management LLC grew its stake in Virgin Galactic by 19.1% in the fourth quarter. Geode Capital Management LLC now owns 605,362 shares of the company's stock valued at $3,561,000 after acquiring an additional 97,274 shares during the period. Wealthquest Corp acquired a new position in Virgin Galactic in the first quarter valued at about $1,340,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Virgin Galactic by 8.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 240,831 shares of the company's stock valued at $730,000 after purchasing an additional 18,949 shares during the period. Institutional investors and hedge funds own 46.62% of the company's stock.

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.