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

Virgin Galactic (NYSE:SPCE) had its price target decreased by Morgan Stanley from $35.00 to $5.00 in a report issued on Tuesday, Benzinga reports. Morgan Stanley currently has an underweight rating on the stock.

SPCE has been the topic of several other reports. The Goldman Sachs Group decreased their target price on shares of Virgin Galactic from $61.00 to $53.00 and set a neutral rating on the stock in a research report on Friday, August 9th. Susquehanna decreased their target price 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. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average target price of $26.50.

Virgin Galactic Price Performance

Virgin Galactic stock opened at $6.50 on Tuesday. Virgin Galactic has a 12-month low of $5.26 and a 12-month high of $54.60. The stock has a market capitalization of $133.69 million, a P/E ratio of -0.26 and a beta of 1.72. The firm’s 50-day moving average is $6.60 and its two-hundred day moving average is $15.10. The company has a debt-to-equity ratio of 1.06, a current ratio of 4.71 and a quick ratio of 4.71.

Virgin Galactic (NYSE:SPCE) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($4.36) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $4.22 million for the quarter, compared to analysts’ expectations of $3.50 million. During the same period last year, the company earned ($9.20) EPS. Equities analysts predict that Virgin Galactic will post -18.82 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SPCE. Charles Schwab Investment Management Inc. raised its holdings 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 period. SG Americas Securities LLC raised its holdings in Virgin Galactic by 1,021.3% in the first quarter. SG Americas Securities LLC now owns 338,050 shares of the company’s stock valued at $500,000 after buying an additional 307,901 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Virgin Galactic by 57.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 800,968 shares of the company’s stock valued at $1,850,000 after buying an additional 291,757 shares during the period. Caxton Associates LP raised its holdings in Virgin Galactic by 52.9% in the first quarter. Caxton Associates LP now owns 562,404 shares of the company’s stock valued at $832,000 after buying an additional 194,675 shares during the period. Finally, Virtu Financial LLC purchased a new position in Virgin Galactic in the first quarter valued at approximately $268,000. Hedge funds and other institutional investors 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.