Virgin Galactic suffers weak session with 5.24% loss; downside halted at $1.79
- Trading volume totalled 9.85 million which equates to around 66% of the stock's 21-day average yesterday.
- Yesterday's 5.24% loss extends a 3 day bearish run in which Virgin Galactic had already lost 10 cents from its share value.
The spaceflight pioneer is now trading 97.28% below its 3-month high of $6.37.
So far in 2023, it has been under-performing the Nasdaq by 96.38%.
Currently, the space tourism spearhead has a market capitalization of $664.52 million
the day's trading volume totalled 9.85 million shares -- lower than the 21-day average of 14.94 million.
Virgin Galactic's last revenue report was $1.87 million with an EPS of -46 cents.
Virgin Galactic is displaying an increase in comparison to its previous reports; however, the current fundamental analysis shows that Virgin Galactic's indicators are slightly below the competition.
Debt-to-equity ratio worsened from its previous value of 0.68 to 0.87, yet remains above its peer competition average. Virgin Galactic's recent downtrend has brought its price to earnings ratio to -0.9, yet it remains above the competition average. The PE ratio is the ratio of a company's share price to its earnings per share. This helps investors and analysts find out whether a company is over or undervalued.
Virgin Galactic's 'Neutral' rating sticks for now.
Virgin Galactic was not the only decliner in the industrials sector; Deere & Company lost 3.65% yesterday and closed at $387.64. Lockheed Martin drops 2.2% yesterday to close at $426.95. Raytheon Technologies lost 2.4% yesterday and closed at $72.64.
Despite drifting lower in the trading session, the short-term outlook has turned positive after the MACD moved above its signal line -- typically a bullish indicator. Virgin Galactic could begin to recover as it approaches significant support, now 4 cents away from $1.77. Dipping below could be an indication that further losses are ahead.
Technical analysis indicates that Virgin Galactic (currently on a downtrend) might reverse course and start pointing upward in the short term.
REGION: United States ASSET: Virgin Galactic (SPCE) PREV. OPEN: $1.87 PREV. CLOSE: $1.81 PRE-MARKET: $1.81 TIME TO OPEN: 8 hours