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Virgin Galactic Holdings, Inc. (NYSE:SPCE) shares are trading higher Tuesday as a rally in heavily-shorted stocks continues amid the return of Roaring Kitty to social media.
The Details:
The return of Roaring Kitty to social media has sparked a meme stock revival which began with shares of GameStop and AMC Entertainment and has extended to other stocks with high short-interest, including Virgin Galactic. According to data from Benzinga Pro, 24.1% of available shares are being sold short.
Virgin Galactic shares are climbing on heavy trading volume Tuesday. According to data from Benzinga Pro, more than 33.4 million shares have been traded in the session, compared to the stock’s 100-day average of 15.466 million shares.
Though the stock is rallying Tuesday, Virgin Galactic shares remain down by more than 65% over the past year.
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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 $1.73 on Virgin Galactic Holdings. The Street high target is currently at $3.50 and the Street low target is $0.75. Of all the analysts covering Virgin Galactic, one has a positive rating, 3 have neutral ratings and 2 have negative ratings.
In the last month, 4 analysts have 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 Holdings is 68.29% 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 Hldgs, 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 up 21.15% at $1.26 at the time of publication Tuesday.
Image: Courtesy of Virgin Galactic Holdings, Inc.
Posted In: SPCE
