Virgin Galactic (NYSE:SPCE) Price Target Increased to $35.00 by Analysts at Morgan Stanley

Virgin Galactic (NYSE:SPCE) had its price objective lifted by Morgan Stanley from $1.75 to $35.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an underweight rating on the stock.

A number of other analysts have also commented on the company. Wells Fargo & Company decreased their price objective on Virgin Galactic from $20.00 to $15.00 and set an underweight rating for the company in a report on Thursday, May 9th. The Goldman Sachs Group reduced their target price on Virgin Galactic from $80.00 to $70.00 and set a neutral rating for the company in a report on Monday, May 13th. Susquehanna reduced their target price on Virgin Galactic from $40.00 to $22.00 and set a neutral rating for the company in a report on Wednesday, May 8th. TD Cowen reduced their target price on Virgin Galactic from $50.00 to $40.00 and set a buy rating for the company in a report on Monday, May 13th. Finally, Truist Financial reduced their target price on Virgin Galactic from $60.00 to $40.00 and set a hold rating for the company in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $37.00.

Virgin Galactic Stock Performance

Shares of SPCE opened at $8.85 on Thursday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.88 and a current ratio of 4.88. The stock has a 50 day moving average price of $17.60 and a two-hundred day moving average price of $30.78. The firm has a market capitalization of $182.04 million, a P/E ratio of -0.35 and a beta of 1.76. Virgin Galactic has a 52 week low of $8.76 and a 52 week high of $123.37.

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

Hedge Funds Weigh In On Virgin Galactic

Institutional investors have recently bought and sold shares of the company. Axxcess Wealth Management LLC purchased a new position in Virgin Galactic in the fourth quarter valued at approximately $27,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of Virgin Galactic during the fourth quarter worth $30,000. Optas LLC purchased a new stake in shares of Virgin Galactic during the fourth quarter worth $31,000. Ballentine Partners LLC purchased a new stake in shares of Virgin Galactic during the fourth quarter worth $32,000. Finally, Capital Square LLC purchased a new stake in shares of Virgin Galactic during the fourth quarter worth $34,000. Hedge funds and other institutional investors 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.