Virgin Galactic (NYSE:SPCE) Issues Earnings Results, Beats Estimates By $0.42 EPS

Virgin Galactic (NYSE:SPCE) announced its quarterly earnings data on Thursday. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.51) by $0.42, FiscalAI reports. The business had revenue of $0.37 million during the quarter, compared to analyst estimates of $0.32 million. Virgin Galactic had a negative net margin of 17,828.03% and a negative return on equity of 98.94%.

Virgin Galactic Trading Down 7.8%

SPCE stock opened at $3.34 on Friday. The firm’s fifty day simple moving average is $3.75 and its two-hundred day simple moving average is $3.44. The stock has a market capitalization of $192.12 million, a price-to-earnings ratio of -0.37 and a beta of 2.28. The company has a quick ratio of 3.38, a current ratio of 3.38 and a debt-to-equity ratio of 1.60. Virgin Galactic has a twelve month low of $2.18 and a twelve month high of $7.99.

Wall Street Analyst Weigh In

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

Institutional Trading of Virgin Galactic

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its holdings in Virgin Galactic by 61.9% during the third quarter. BNP Paribas Financial Markets now owns 13,608 shares of the company’s stock worth $53,000 after buying an additional 5,205 shares during the period. Private Advisor Group LLC bought a new position in shares of Virgin Galactic in the 3rd quarter worth $65,000. Vanguard Group Inc. lifted its stake in shares of Virgin Galactic by 26.9% during the 3rd 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 during the last quarter. Osaic Holdings Inc. boosted its position in Virgin Galactic by 12.4% during the second quarter. Osaic Holdings Inc. now owns 114,144 shares of the company’s stock valued at $312,000 after purchasing an additional 12,577 shares in the last quarter. Finally, Pitcairn Co. purchased a new position in Virgin Galactic in the second quarter valued at about $31,000. 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.