Virgin Galactic Stock Set to Reverse Split on Monday, June 17th (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares are scheduled to reverse split before the market opens on Monday, June 17th. The 1-20 reverse split was announced on Wednesday, June 12th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, June 14th.

Virgin Galactic Trading Down 6.2 %

Shares of NYSE:SPCE opened at $0.68 on Friday. The company has a 50 day moving average of $18.60 and a 200-day moving average of $31.73. The company has a current ratio of 4.88, a quick ratio of 4.88 and a debt-to-equity ratio of 1.00. The firm has a market cap of $281.74 million, a P/E ratio of -0.55 and a beta of 1.76. Virgin Galactic has a twelve month low of $0.67 and a twelve month high of $6.17.

Virgin Galactic (NYSE:SPCE) last announced its earnings results on Tuesday, May 7th. The company reported ($5.00) EPS for the quarter, topping the consensus estimate of ($5.20) by $0.20. The firm had revenue of $1.99 million for the quarter, compared to analysts’ expectations of $2.05 million. Virgin Galactic had a negative return on equity of 87.99% and a negative net margin of 5,301.61%. The firm’s quarterly revenue was up 406.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($11.40) earnings per share. As a group, analysts anticipate that Virgin Galactic will post -0.94 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPCE has been the subject of a number of research reports. Truist Financial reduced their target price on shares of Virgin Galactic from $60.00 to $40.00 and set a “hold” rating for the company in a report on Wednesday, February 28th. The Goldman Sachs Group reduced their price objective on Virgin Galactic from $80.00 to $70.00 and set a “neutral” rating for the company in a research note on Monday, May 13th. Wells Fargo & Company cut their target price on Virgin Galactic from $20.00 to $15.00 and set an “underweight” rating on the stock in a research report on Thursday, May 9th. Susquehanna decreased their price target on Virgin Galactic from $40.00 to $22.00 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. Finally, TD Cowen cut their price objective on Virgin Galactic from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, May 13th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $37.00.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in shares of Virgin Galactic by 29.2% during the 3rd quarter. Vanguard Group Inc. now owns 30,165,775 shares of the company’s stock valued at $54,298,000 after buying an additional 6,823,646 shares during the last quarter. Quadrature Capital Ltd lifted its stake in Virgin Galactic by 822.7% in the third quarter. Quadrature Capital Ltd now owns 650,766 shares of the company’s stock valued at $1,175,000 after acquiring an additional 580,238 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Virgin Galactic by 27.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,357,773 shares of the company’s stock worth $4,244,000 after acquiring an additional 507,946 shares in the last quarter. Dark Forest Capital Management LP acquired a new position in shares of Virgin Galactic during the 3rd quarter worth $703,000. Finally, Citigroup Inc. raised its holdings in shares of Virgin Galactic by 92.3% during the 3rd quarter. Citigroup Inc. now owns 761,902 shares of the company’s stock valued at $1,371,000 after purchasing an additional 365,657 shares in the last quarter. Institutional investors and hedge funds 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.