Virgin Galactic Holdings, Inc. (NYSE:SPCE) Short Interest Down 94.6% in June

Virgin Galactic Holdings, Inc. (NYSE:SPCE) was the recipient of a significant drop in short interest in June. As of June 15th, there was short interest totalling 5,670,000 shares, a drop of 94.6% from the May 31st total of 104,500,000 shares. Based on an average daily volume of 1,560,000 shares, the short-interest ratio is currently 3.6 days. Approximately 30.1% of the company’s stock are short sold.

Virgin Galactic Price Performance

Shares of SPCE opened at $8.42 on Friday. Virgin Galactic has a twelve month low of $8.21 and a twelve month high of $97.60. 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 company has a 50 day moving average of $16.30 and a two-hundred day moving average of $29.38.

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 analysts’ consensus estimates of ($5.20) by $0.20. The business had revenue of $1.99 million during the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 406.4% on a year-over-year basis. During the same quarter last year, the company posted ($11.40) earnings per share. Equities analysts predict that Virgin Galactic will post -18.75 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Susquehanna dropped their price objective on shares of Virgin Galactic from $40.00 to $22.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. Morgan Stanley increased their price objective on shares of Virgin Galactic from $1.75 to $35.00 and gave the company an “underweight” rating in a research note on Thursday, June 20th. Wells Fargo & Company lowered their target price on shares of Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating for the company in a research note on Thursday, May 9th. TD Cowen lowered their target price on shares of Virgin Galactic from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Finally, The Goldman Sachs Group lowered their target price on shares of Virgin Galactic from $80.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $37.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Axxcess Wealth Management LLC purchased a new position in shares of Virgin Galactic in the fourth quarter worth $27,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Virgin Galactic in the fourth quarter worth $30,000. Optas LLC purchased a new position in shares of Virgin Galactic in the fourth quarter worth $31,000. Ballentine Partners LLC purchased a new position in shares of Virgin Galactic during the fourth quarter worth $32,000. Finally, Capital Square LLC purchased a new position 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.