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

Virgin Galactic (NYSE:SPCE) had its price target dropped by investment analysts at Morgan Stanley from $35.00 to $5.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the stock. Morgan Stanley’s price objective points to a potential downside of 30.22% from the stock’s current price.

A number of other research analysts also recently commented on the company. The Goldman Sachs Group dropped their price objective on Virgin Galactic from $61.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Susquehanna dropped their price target on shares of Virgin Galactic from $8.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $26.50.

Virgin Galactic Trading Up 2.5 %

NYSE SPCE opened at $7.17 on Tuesday. Virgin Galactic has a 52 week low of $5.26 and a 52 week high of $54.60. The firm has a 50 day moving average of $6.64 and a two-hundred day moving average of $15.40. The company has a quick ratio of 4.71, a current ratio of 4.71 and a debt-to-equity ratio of 1.06. The stock has a market capitalization of $147.37 million, a PE ratio of -0.29 and a beta of 1.72.

Virgin Galactic (NYSE:SPCE) last issued its earnings results on Wednesday, August 7th. The company reported ($4.36) EPS for the quarter, topping analysts’ consensus estimates of ($5.40) by $1.04. Virgin Galactic had a negative net margin of 3,764.43% and a negative return on equity of 83.64%. The firm had revenue of $4.22 million during the quarter, compared to the consensus estimate of $3.50 million. During the same quarter in the previous year, the firm posted ($9.20) earnings per share. As a group, research analysts expect that Virgin Galactic will post -18.82 EPS for the current fiscal year.

Institutional Trading of Virgin Galactic

A number of large investors have recently made changes to their positions in SPCE. Charles Schwab Investment Management Inc. lifted its stake in Virgin Galactic by 14.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,707,073 shares of the company’s stock valued at $6,632,000 after buying an additional 349,300 shares during the last quarter. SG Americas Securities LLC raised its position in Virgin Galactic by 1,021.3% in the 1st quarter. SG Americas Securities LLC now owns 338,050 shares of the company’s stock valued at $500,000 after purchasing an additional 307,901 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Virgin Galactic by 57.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 800,968 shares of the company’s stock worth $1,850,000 after purchasing an additional 291,757 shares during the period. Caxton Associates LP boosted its stake in Virgin Galactic by 52.9% during the 1st quarter. Caxton Associates LP now owns 562,404 shares of the company’s stock worth $832,000 after purchasing an additional 194,675 shares during the period. Finally, Virtu Financial LLC acquired a new position in Virgin Galactic in the first quarter valued at $268,000. 46.62% of the stock is owned by institutional investors and hedge funds.

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.