Virgin Galactic (NASDAQ:SPCE) Given “Buy” Rating at Vertical Research

Vertical Research reissued their buy rating on shares of Virgin Galactic (NASDAQ:SPCE) in a research report sent to investors on Tuesday morning, TipRanks reports. Vertical Research currently has a $29.00 price objective on the stock.

Several other brokerages have also issued reports on SPCE. Morgan Stanley upgraded shares of Virgin Galactic from an equal weight rating to an overweight rating and dropped their target price for the company from $30.00 to $24.00 in a research report on Tuesday, March 24th. Credit Suisse Group decreased their price target on shares of Virgin Galactic from $25.00 to $22.00 and set a neutral rating on the stock in a research note on Wednesday, June 10th. Finally, Zacks Investment Research downgraded shares of Virgin Galactic from a hold rating to a sell rating in a research note on Tuesday.

Shares of NASDAQ SPCE opened at $16.34 on Tuesday. The company’s 50-day simple moving average is $15.94 and its 200-day simple moving average is $16.90. Virgin Galactic has a 52-week low of $6.90 and a 52-week high of $42.49.

Virgin Galactic (NASDAQ:SPCE) last announced its earnings results on Tuesday, May 5th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.15). The firm had revenue of $0.24 million for the quarter, compared to analyst estimates of $0.65 million. The company’s revenue for the quarter was down 86.5% on a year-over-year basis.

In other news, Director Craig S. Kreeger bought 10,000 shares of Virgin Galactic stock in a transaction on Tuesday, May 12th. The shares were bought at an average cost of $19.48 per share, with a total value of $194,800.00. Following the completion of the purchase, the director now directly owns 35,445 shares of the company’s stock, valued at $690,468.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder 10 Ltd Vieco sold 12,330,000 shares of Virgin Galactic stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $15.05, for a total transaction of $185,566,500.00. The disclosure for this sale can be found here. Over the last three months, insiders bought 12,357 shares of company stock worth $239,261 and sold 34,280,000 shares worth $516,012,500.

Hedge funds have recently modified their holdings of the business. Sunbelt Securities Inc. purchased a new position in Virgin Galactic during the fourth quarter worth about $1,392,000. Pearl River Capital LLC purchased a new position in Virgin Galactic during the first quarter worth about $27,000. Truvestments Capital LLC purchased a new position in Virgin Galactic during the first quarter worth about $28,000. Bainco International Investors purchased a new position in Virgin Galactic during the first quarter worth about $30,000. Finally, Edge Wealth Management LLC purchased a new position in Virgin Galactic during the first quarter worth about $30,000.

Virgin Galactic Company Profile

Virgin Galactic, LLC provides spaceline services. The company offers suborbital research flights to scientific research community. It also operates a spaceport for astronaut training and flights operations.Virgin Galactic, LLC was founded in 2004 and is based in Mojave, California with additional offices in Las Cruces, New York, London, Pasadena, and Washington, DC Virgin Galactic, LLC operates as a subsidiary of Virgin Group Ltd.

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