Virgin Galactic stock dives toward a record low after long-time bull cuts rating and slashes price target by two-thirds [MarketWatch]
Virgin Galactic Holdings, Inc. (SPCE)
Company Research
Source: MarketWatch
Shares of Virgin Galactic Holdings Inc. took a dive Monday toward a record low, after Truist analyst Michael Ciarmoli said there are a handful of reasons he's no longer bullish on the space-tourism company, but mostly because of the postponement of commercial flights. In a research note with “Not ready for liftoff in 2022” in its title, Ciarmoli said he cut his rating to hold, after being at buy since March 2021. He also chopped his price target down to $8 from $24. He cited a combination of supply chain delays, timing risk, slide-out of commercial flights to the first-quarter of 2023, a lack of operational catalysts and rising interest rates for the downgrade. The stock SPCE, dropped 4.0% in premarket trading, putting them on track to open below the March 14 record-low close of $6.79. The selloff comes after the stock tumbled 17.7% over the past two sessions, with the company reporting late Thursday a wider-than-expected loss but revenue that was more than triple what was ex
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SPCE
News
- Virgin Galactic Announces Date of First Quarter 2024 Financial Results and Conference CallBusiness Wire
- Why Virgin Galactic Stock Just Crashed 16.5% [Yahoo! Finance]Yahoo! Finance
- Virgin Galactic Eyes Reverse Stock Split in Bid to Stay on NYSE [BNN Bloomberg (Canada)]BNN Bloomberg
- Dark Space is building a rocket-powered boxing glove to push debris out of orbit [TechCrunch]TechCrunch
- Dark Space is building a rocket-powered boxing glove to push debris out of orbit [Yahoo! Finance]Yahoo! Finance
SPCE
Earnings
- 2/27/24 - Beat
SPCE
Sec Filings
- 4/23/24 - Form 4
- 4/23/24 - Form 4
- 4/19/24 - Form 4
- SPCE's page on the SEC website