Virgin Galactic (NYSE:SPCE – Get Free Report) had its price objective cut by research analysts at Truist Financial from $3.00 to $2.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 15.27% from the stock’s current price.
SPCE has been the subject of several other research reports. Susquehanna reduced their target price on shares of Virgin Galactic from $3.75 to $2.00 and set a “neutral” rating for the company in a report on Thursday, November 9th. Morgan Stanley cut shares of Virgin Galactic from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $4.00 to $1.75 in a research note on Wednesday, November 22nd.
Check Out Our Latest Research Report on SPCE
Virgin Galactic Stock Performance
Shares of SPCE opened at $1.74 on Wednesday. The firm has a 50-day moving average of $2.03 and a 200-day moving average of $2.05. Virgin Galactic has a one year low of $1.38 and a one year high of $6.17. The company has a market cap of $693.50 million, a PE ratio of -1.11 and a beta of 1.64. The company has a debt-to-equity ratio of 0.70, a current ratio of 5.97 and a quick ratio of 5.88.
Hedge Funds Weigh In On Virgin Galactic
Hedge funds and other institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board grew its holdings in shares of Virgin Galactic by 177.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 2,586 shares of the company’s stock valued at $25,000 after purchasing an additional 1,654 shares during the last quarter. Axxcess Wealth Management LLC bought a new stake in shares of Virgin Galactic during the 4th quarter valued at approximately $27,000. Townsquare Capital LLC bought a new stake in shares of Virgin Galactic during the 3rd quarter valued at approximately $27,000. Toroso Investments LLC bought a new stake in shares of Virgin Galactic during the 3rd quarter valued at approximately $28,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in Virgin Galactic during the 4th quarter worth approximately $30,000. 28.46% of the stock is currently owned by institutional investors and hedge funds.
Virgin Galactic Company Profile
Virgin Galactic Holdings, Inc focuses on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space. It is also involved in the ground and flight testing, and post-flight maintenance of its spaceflight system vehicles.
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Source: americanbankingnews.com
