Virgin Galactic Stock's Price Target Is Cut in Half. Investors Shrug. [MarketWatch]
Virgin Galactic Holdings, Inc. (SPCE)
Company Research
Source: MarketWatch
BofA Securities analyst Ronald Epstein cut his price target for Virgin Galactic shares (ticker: SPCE) to $10 from $20. It's a big cut. Curiously, investors don't seem all that concerned. The muted reaction says a lot about Wall Street ratings, price targets, and stock trading. Virgin Galactic shares actually opened higher on Wednesday and then followed the broader market down. The stock is down 1.7%, at $9.22, in midday trading. The Nasdaq Composite is up 0.2%. The S&P 500 and Dow Jones Industrial Average are both up about 0.3%. One reason shares might not be down more is because they have already been hammered. Galactic stock closed on Tuesday at $9.37, down 85% from an all-time high of almost $63 set back in February 2020. Investors' appetite for more-speculative stocks has waned since then. The Russell 2000 Growth index for instance, is down about 23% since February. But delays in the start of commercial operations have also created a problem for Galactic stock. Late in 2021
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SPCE
News
- Virgin Galactic (SPCE) Suffers a Larger Drop Than the General Market: Key Insights [Yahoo! Finance]Yahoo! Finance
- 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
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