Analysts Expect Virgin Galactic Holdings, Inc. (NYSE: SPCE) to Report Quarterly Sales of $ 2.20 Million
Wall Street analysts predict that Virgin Galactic Holdings, Inc. (NYSE: SPCE) will post $ 2.20 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have estimated Virgin Galactic’s earnings, with estimates ranging from $ 2.00 million to $ 2.40 million. The company is expected to release its next quarterly results on Thursday, November 4.
On average, analysts expect Virgin Galactic to report annual sales of $ 2.56 million for the current year, with estimates ranging from $ 1.67 million to $ 3.00 million. For the next fiscal year, analysts expect the company to post sales of $ 10.68 million, with estimates ranging from $ 4.05 million to $ 18.00 million. Zacks Investment Research sales averages are an average based on a survey of research analysts who cover Virgin Galactic.
Virgin Galactic (NYSE: SPCE) last released its quarterly results on Thursday, August 5. The company reported ($ 0.39) EPS for the quarter, missing Zacks’ consensus estimate ($ 0.30) ($ 0.09). The company reported sales of $ 0.57 million in the quarter.
A number of brokerage firms have recently weighed in on SPCE. The UBS Group lowered its price target on Virgin Galactic shares from $ 38.00 to $ 26.00 and set a “neutral” rating for the company in a research report on Tuesday, September 14. They noted that the move was an appraisal call. Credit Suisse Group assumed coverage of Virgin Galactic in a report released on Thursday, August 12. They set a “neutral” rating and a price target of $ 30.00 for the company. Alembic Global Advisors downgraded Virgin Galactic from an “overweight” rating to a “neutral” rating in a research report published on Monday, June 28. Morgan Stanley downgraded Virgin Galactic shares from an “equal weight” rating to an “underweight” rating and set a price target of $ 25.00 for the company. in a research note on Wednesday August 11. Finally, Susquehanna reissued a “hold” note and set a target price of $ 45 for Virgin Galactic shares in a research report on Friday, July 9. Two investment analysts gave the stock a sell rating, ten assigned a conservation rating and five gave the company a buy rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $ 35.43.
NYSE SPCE opened at $ 23.83 on Friday. Virgin Galactic has a 12-month low of $ 14.27 and a 12-month high of $ 62.80. The stock has a market cap of $ 6.13 billion, a PE ratio of -14.99 and a beta of 0.34. The stock’s 50-day moving average is $ 26.70 and its 200-day moving average is $ 29.26.
In addition, the main shareholder Virgin Investments Ltd sold 3,025,000 Virgin Galactic shares in a transaction on Thursday, August 12. The shares were sold at an average price of $ 26.08, for a total value of $ 78,892,000.00. The transaction was disclosed in a document filed with the SEC, which is available on the SEC’s website. In addition, director Craig S. Kreeger sold 10,000 shares of the company in a transaction dated Tuesday, August 17. The shares were sold at an average price of $ 25.15, for a total trade of $ 251,500.00. Disclosure of this sale can be found here. Insiders sold a total of 6,785,000 shares of the company valued at $ 200,118,500 during the last quarter. Insiders own 7.30% of the shares of the company.
Several institutional investors have recently increased or reduced their participation in SPCE. Virtu Financial LLC purchased a new position in Virgin Galactic in the second quarter for a value of approximately $ 4,427,000. Parametric Portfolio Associates LLC increased its stake in Virgin Galactic by 58.6% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 179,887 shares of the company valued at $ 8,275,000 after purchasing an additional 66,454 shares during the last quarter. Marshall Wace LLP purchased a new stake in Virgin Galactic in the second quarter valued at approximately $ 2,223,000. Itau Unibanco Holding SA purchased a new position in Virgin Galactic shares during the 2nd quarter valued at approximately $ 54,000. Finally, Metropolitan Life Insurance Co NY increased its stake in Virgin Galactic by 234,575.0% during the second quarter. Metropolitan Life Insurance Co NY now owns 9,387 shares of the company valued at $ 432,000 after purchasing an additional 9,383 shares during the period. Institutional investors and hedge funds hold 21.21% of the company’s shares.
About Virgin Galactic
Virgin Galactic Holdings, Inc, an integrated aerospace company, develops manned flights for individuals and researchers in the United States. It also manufactures air and space vehicles. The company’s spacecraft operations include commercial human spaceflight, commercial research and the development of payloads in space.
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