What's Going On With Virgin Galactic Stock?
Portfolio Pulse from Erica Kollmann
Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares are trading lower, down over 20% in the past five days. The company announced a 1-for-20 reverse stock split to meet NYSE's minimum bid price requirement. The stock is trading below its 50-day moving average and hit a new 52-week low. Analysts have mixed ratings with an average 12-month price target of $1.67.
June 14, 2024 | 3:13 pm
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Virgin Galactic announced a 1-for-20 reverse stock split to meet NYSE's minimum bid price requirement. The stock is down over 20% in the past five days and hit a new 52-week low. Analysts have mixed ratings with an average 12-month price target of $1.67.
The announcement of a reverse stock split is generally seen as a negative signal, indicating that the company is struggling to meet listing requirements. The stock's significant decline and new 52-week low further support a negative short-term outlook. Mixed analyst ratings add to the uncertainty.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100