Virgin Galactic (NYSE:SPCE) Cut to “Sell” at Wall Street Zen

Wall Street Zen lowered shares of Virgin Galactic (NYSE:SPCE) from a hold rating to a sell rating in a research note released on Saturday.

SPCE has been the topic of a number of other research reports. Jefferies Financial Group cut their price target on shares of Virgin Galactic from $8.00 to $5.00 and set a “buy” rating on the stock in a report on Thursday, April 2nd. Susquehanna set a $3.50 target price on shares of Virgin Galactic in a report on Thursday, January 15th. Morgan Stanley set a $2.30 target price on shares of Virgin Galactic and gave the stock an “underweight” rating in a report on Friday, December 12th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Virgin Galactic in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $3.45.

Virgin Galactic Stock Up 23.0%

Virgin Galactic stock opened at $3.03 on Friday. The company has a market capitalization of $221.22 million, a P/E ratio of -0.51 and a beta of 2.20. The firm’s fifty day simple moving average is $2.57 and its 200-day simple moving average is $3.25. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 1.87. Virgin Galactic has a 1-year low of $2.13 and a 1-year high of $6.64.

Virgin Galactic (NYSE:SPCE) last released its quarterly earnings results on Monday, March 30th. The company reported ($0.98) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.12) by $0.14. The business had revenue of $0.31 million for the quarter, compared to the consensus estimate of $0.41 million. Virgin Galactic had a negative net margin of 18,063.93% and a negative return on equity of 108.78%. During the same quarter last year, the firm earned ($2.53) EPS. Sell-side analysts forecast that Virgin Galactic will post -16.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in Virgin Galactic in the 4th quarter worth $34,000. Virtu Financial LLC bought a new position in Virgin Galactic in the 4th quarter worth $129,000. Invesco Ltd. grew its position in Virgin Galactic by 52.9% in the 4th quarter. Invesco Ltd. now owns 406,294 shares of the company’s stock worth $1,304,000 after purchasing an additional 140,537 shares during the last quarter. Quadrature Capital Ltd grew its position in Virgin Galactic by 130.5% in the 4th quarter. Quadrature Capital Ltd now owns 139,702 shares of the company’s stock worth $448,000 after purchasing an additional 79,088 shares during the last quarter. Finally, Millennium Management LLC grew its position in Virgin Galactic by 118.9% in the 4th quarter. Millennium Management LLC now owns 479,789 shares of the company’s stock worth $1,540,000 after purchasing an additional 260,594 shares during the last quarter. Institutional investors own 46.62% of the company’s stock.

About Virgin Galactic

Virgin Galactic Holdings, Inc (NYSE: SPCE) is a commercial spaceflight company developing and operating spacecraft for private individuals and research customers. The firm’s primary business is suborbital human spaceflight, offering passengers a brief trip to the edge of space aboard its reusable spaceplane. In parallel, the company is building out infrastructure and support services for suborbital payload deployments and microgravity research missions.

The core flight system consists of a carrier aircraft, WhiteKnightTwo, which lifts the spaceplane SpaceShipTwo to high altitude before release.