Morgan Stanley Lowers Virgin Galactic (NYSE:SPCE) Price Target to $5.00

Virgin Galactic (NYSE:SPCE) had its price objective dropped by analysts at Morgan Stanley from $35.00 to $5.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s target price indicates a potential downside of 24.30% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Susquehanna cut their price objective on shares of Virgin Galactic from $8.00 to $6.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective on shares of Virgin Galactic from $61.00 to $53.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Virgin Galactic currently has an average rating of “Hold” and an average target price of $26.50.

Virgin Galactic Trading Down 5.2 %

Shares of NYSE SPCE opened at $6.61 on Tuesday. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 1.06. Virgin Galactic has a 12 month low of $5.26 and a 12 month high of $54.60. The company has a market cap of $135.85 million, a price-to-earnings ratio of -0.26 and a beta of 1.72. The business has a fifty day simple moving average of $6.63 and a 200-day simple moving average of $15.16.

Virgin Galactic (NYSE:SPCE) last released its earnings results on Wednesday, August 7th. The company reported ($4.36) earnings per share for the quarter, topping the consensus estimate of ($5.40) by $1.04. The business had revenue of $4.22 million for the quarter, compared to the consensus estimate of $3.50 million. Virgin Galactic had a negative net margin of 3,764.43% and a negative return on equity of 83.64%. During the same period last year, the firm posted ($9.20) earnings per share. Sell-side analysts predict that Virgin Galactic will post -18.82 EPS for the current year.

Hedge Funds Weigh In On Virgin Galactic

A number of hedge funds have recently made changes to their positions in SPCE. Vanguard Personalized Indexing Management LLC bought a new position in shares of Virgin Galactic during the 4th quarter worth approximately $30,000. Bayesian Capital Management LP acquired a new position in Virgin Galactic during the first quarter worth $35,000. Cantor Fitzgerald L. P. bought a new position in shares of Virgin Galactic during the fourth quarter valued at $39,000. Newbridge Financial Services Group Inc. boosted its stake in shares of Virgin Galactic by 191.9% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 28,900 shares of the company’s stock valued at $71,000 after purchasing an additional 19,000 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Virgin Galactic by 19.7% in the 4th quarter. Amalgamated Bank now owns 38,310 shares of the company’s stock worth $94,000 after purchasing an additional 6,311 shares during the last quarter. 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.