Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares are trading lower Friday after the company announced it is considering a reverse stock split with a range between 1-for-2 and 1-for-20.
The Details:
According to an SEC filing, Virgin Galactic will hold its 2024 annual meeting of stockholders on June 12 at 9:00 a.m ET. The company included a proposed amendment to effect a reverse stock split at a ratio ranging from any whole number between 1-for-2 and 1-for-20, as determined by the Board of Directors as one of the items to be voted on at the meeting.
Virgin Galactic shares are down nearly 40% over the past month and are trading at all-time lows Friday afternoon. According to data from Benzinga Pro, 25.52% of available Virgin Galactic shares are being sold short.
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Will SPCE Stock Go Up?
When trying to assess whether or not Virgin Galactic will trade higher from current levels, it’s a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $1.5 on Virgin Galactic. The Street high target is currently at $2 and the Street low target is $1. Of all the analysts covering Virgin Galactic, no one has positive ratings, one has a neutral rating and one has a negative rating.
In the last month, one analyst has adjusted price targets. Here’s a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street’s most accurate analysts. Check out how analysts covering Virgin Galactic have performed in recent history.
Stocks don’t move in a straight line. The average stock market return is approximately 10% per year. Virgin Galactic is 75.3% down year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Virgin Galactic Holdings, visit here. If you want to go above and beyond, there’s no better tool to help you do just that than Benzinga Pro. Start your free trial today.
SPCE Price Action: According to Benzinga Pro, Virgin Galactic shares are down 11.6% at 85 cents at the time of publication Friday.
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