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Thursday, September 28, 2023

Virgin Galactic Holdings Inc. (SPCE)’s Stock is Jumping, Here is Why

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Virgin Galactic Holdings Inc. (SPCE) shares are trading at higher $28.08 and the avg recommendation for the stock is Moderate Buy, while the current analyst price target stands at $25.67.

To add more color to this target, the company’s high over the last year is $42.49 and the low is $7.20. Over the last 52 weeks, SPCE is up 288.92% while the S&P 500 is up 17.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. SPCE has a short ratio of 3.49 and outstanding shares of 225.25M.

Company Outlook

SPCE has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 14.31 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -1.71. Virgin Galactic Holdings Inc. SPCE also noted assets of $866.05 million at the end of the last quarter. Investors should also keep an eye on sector updates as SPCE has historically followed its peers on positive news.

All told, Virgin Galactic Holdings Inc. SPCE has strung together solid data and demonstrated underlying fundamentals. At its current valuation, SPCE represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Virgin Galactic Holdings Inc. SPCE is now commanding a market cap of 6.56B and a float of 144.78M. SPCE is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of SPCE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in SPCE, either long or short, and we have not been compensated for this article.

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