Virgin Galactic (NYSE:SPCE) Releases Quarterly Earnings Results, Beats Expectations By $0.45 EPS

Virgin Galactic (NYSE:SPCE) released its quarterly earnings results on Thursday. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.54) by $0.45, FiscalAI reports. Virgin Galactic had a negative return on equity of 98.94% and a negative net margin of 17,828.03%.The business had revenue of $0.37 million during the quarter, compared to analysts’ expectations of $0.32 million.

Virgin Galactic Stock Down 7.8%

Shares of NYSE:SPCE traded down $0.28 during mid-day trading on Thursday, hitting $3.34. 4,645,357 shares of the company traded hands, compared to its average volume of 3,708,912. The firm has a market cap of $192.12 million, a P/E ratio of -0.37 and a beta of 2.28. The firm’s 50 day simple moving average is $3.74 and its 200 day simple moving average is $3.44. Virgin Galactic has a 52-week low of $2.18 and a 52-week high of $7.99. The company has a debt-to-equity ratio of 1.60, a quick ratio of 3.38 and a current ratio of 3.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its position in shares of Virgin Galactic by 61.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 13,608 shares of the company’s stock worth $53,000 after purchasing an additional 5,205 shares during the last quarter. Private Advisor Group LLC acquired a new position in Virgin Galactic in the third quarter worth about $65,000. Vanguard Group Inc. grew its stake in Virgin Galactic by 26.9% in the third quarter. Vanguard Group Inc. now owns 2,342,026 shares of the company’s stock worth $9,040,000 after purchasing an additional 496,373 shares in the last quarter. Osaic Holdings Inc. increased its holdings in Virgin Galactic by 12.4% in the second quarter. Osaic Holdings Inc. now owns 114,144 shares of the company’s stock valued at $312,000 after buying an additional 12,577 shares during the last quarter. Finally, Pitcairn Co. acquired a new stake in Virgin Galactic during the second quarter valued at approximately $31,000. Hedge funds and other institutional investors own 46.62% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on SPCE. Wall Street Zen raised Virgin Galactic from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Virgin Galactic in a research report on Wednesday, October 8th. Finally, Susquehanna reiterated a “neutral” rating and issued a $4.00 price target (up from $3.25) on shares of Virgin Galactic in a research report on Thursday, October 9th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Virgin Galactic has a consensus rating of “Hold” and a consensus target price of $5.00.

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.