Jefferies Financial Group Lowers Virgin Galactic (NYSE:SPCE) Price Target to $8.00

Virgin Galactic (NYSE:SPCE) had its target price cut by research analysts at Jefferies Financial Group from $9.00 to $8.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Jefferies Financial Group’s price target points to a potential upside of 66.84% from the stock’s current price.

A number of other research analysts also recently commented on the company. The Goldman Sachs Group reduced their target price on Virgin Galactic from $41.00 to $36.00 and set a “neutral” rating on the stock in a report on Monday, March 3rd. Susquehanna reduced their target price on Virgin Galactic from $4.00 to $3.25 and set a “neutral” rating on the stock in a report on Thursday, March 13th.

Virgin Galactic Trading Up 43.1%

SPCE opened at $4.80 on Friday. The stock has a market capitalization of $170.36 million, a PE ratio of -0.28 and a beta of 2.10. The firm’s fifty day moving average price is $3.06 and its 200 day moving average price is $4.71. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.52 and a quick ratio of 4.52. Virgin Galactic has a 12-month low of $2.18 and a 12-month high of $23.00.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings results on Thursday, May 15th. The company reported ($2.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($2.23) by ($0.15). Virgin Galactic had a negative net margin of 3,975.27% and a negative return on equity of 88.09%. The company had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.33 million. As a group, research analysts expect that Virgin Galactic will post -16.05 EPS for the current fiscal year.

Institutional Trading of Virgin Galactic

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Corebridge Financial Inc. raised its position in shares of Virgin Galactic by 28.8% during the 4th quarter. Corebridge Financial Inc. now owns 13,172 shares of the company’s stock worth $77,000 after purchasing an additional 2,942 shares during the period. Ameriprise Financial Inc. raised its position in shares of Virgin Galactic by 25.1% during the 4th quarter. Ameriprise Financial Inc. now owns 18,193 shares of the company’s stock worth $107,000 after purchasing an additional 3,647 shares during the period. Bank of New York Mellon Corp raised its position in shares of Virgin Galactic by 6.8% during the 4th quarter. Bank of New York Mellon Corp now owns 60,688 shares of the company’s stock worth $357,000 after purchasing an additional 3,888 shares during the period. Steward Partners Investment Advisory LLC raised its position in shares of Virgin Galactic by 97.2% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,943 shares of the company’s stock worth $47,000 after purchasing an additional 3,916 shares during the period. Finally, Zacks Investment Management raised its position in shares of Virgin Galactic by 11.7% during the 4th quarter. Zacks Investment Management now owns 39,582 shares of the company’s stock worth $233,000 after purchasing an additional 4,143 shares during the period. 46.62% of the stock is currently owned by institutional investors and hedge funds.

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.