Canaccord Genuity Group Trims Virgin Galactic (NYSE:SPCE) Target Price to $36.00

Virgin Galactic (NYSE:SPCE) had its price target lowered by Canaccord Genuity Group from $44.00 to $36.00 in a report issued on Friday, The Fly reports.

Other analysts also recently issued reports about the company. Zacks Investment Research raised Virgin Galactic from a sell rating to a hold rating in a research report on Thursday, January 6th. Cowen decreased their target price on Virgin Galactic from $51.00 to $30.00 and set an outperform rating for the company in a research report on Thursday, September 16th. Bank of America decreased their target price on Virgin Galactic from $25.00 to $20.00 and set an underperform rating for the company in a research report on Friday, October 15th. Morgan Stanley decreased their target price on Virgin Galactic from $25.00 to $17.00 and set an underweight rating for the company in a research report on Tuesday, October 19th. Finally, UBS Group downgraded Virgin Galactic from a neutral rating to a sell rating and decreased their target price for the stock from $26.00 to $15.00 in a research report on Monday, October 18th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Virgin Galactic presently has an average rating of Hold and an average target price of $32.35.

Shares of SPCE opened at $10.14 on Friday. The stock has a 50 day moving average of $15.23 and a 200 day moving average of $24.26. Virgin Galactic has a 12 month low of $9.75 and a 12 month high of $62.80.

Virgin Galactic (NYSE:SPCE) last issued its quarterly earnings results on Monday, November 8th. The company reported ($0.32) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.28) by ($0.04). The company had revenue of $2.58 million during the quarter, compared to the consensus estimate of $1.69 million. During the same period last year, the firm earned ($0.34) earnings per share. On average, equities research analysts predict that Virgin Galactic will post -1.54 EPS for the current year.

In other news, major shareholder Virgin Investments Ltd sold 15,600,000 shares of the firm’s stock in a transaction on Wednesday, November 10th. The stock was sold at an average price of $19.25, for a total value of $300,300,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 7.30% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Virgin Galactic by 19.1% during the second quarter. Vanguard Group Inc. now owns 13,677,810 shares of the company’s stock valued at $629,180,000 after buying an additional 2,197,259 shares during the period. BlackRock Inc. boosted its stake in Virgin Galactic by 25.8% during the third quarter. BlackRock Inc. now owns 8,458,868 shares of the company’s stock valued at $214,011,000 after buying an additional 1,733,819 shares during the period. State Street Corp boosted its stake in Virgin Galactic by 49.7% during the second quarter. State Street Corp now owns 3,775,218 shares of the company’s stock valued at $173,660,000 after buying an additional 1,253,420 shares during the period. Geode Capital Management LLC boosted its stake in Virgin Galactic by 30.6% during the third quarter. Geode Capital Management LLC now owns 2,081,217 shares of the company’s stock valued at $52,654,000 after buying an additional 487,776 shares during the period. Finally, Voloridge Investment Management LLC boosted its stake in Virgin Galactic by 317.3% during the third quarter. Voloridge Investment Management LLC now owns 1,699,744 shares of the company’s stock valued at $43,004,000 after buying an additional 1,292,383 shares during the period. 40.25% of the stock is owned by institutional investors.

Virgin Galactic Company Profile

Virgin Galactic Holdings, Inc, an integrated aerospace company, develops human spaceflight for private individuals and researchers in the United States. It also manufactures air and space vehicles. The company's spaceship operations include commercial human spaceflight, flying commercial research, and development payloads into space.

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