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Virgin Galactic (SPCE) Surges 12.3%: Is This an Indication of Further Gains?
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Virgin Galactic (SPCE - Free Report) shares soared 12.3% in the last trading session to close at $5.19. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.2% gain over the past four weeks.
The latest uptick in the share performance of Virgin Galactic can be attributed to the recent announcement that its commercial space service is on track to begin in the second quarter of 2023.
This company is expected to post quarterly loss of $0.55 per share in its upcoming report, which represents a year-over-year change of -77.4%. Revenues are expected to be $0.52 million, up 271.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Virgin Galactic, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SPCE going forward to see if this recent jump can turn into more strength down the road.
Virgin Galactic is a member of the Zacks Aerospace - Defense industry. One other stock in the same industry, Airbus Group (EADSY - Free Report) , finished the last trading session 0.4% higher at $31.71. EADSY has returned 7% over the past month.
For Airbus Group, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.48. This represents a change of -15.8% from what the company reported a year ago. Airbus Group currently has a Zacks Rank of #2 (Buy).
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Virgin Galactic (SPCE) Surges 12.3%: Is This an Indication of Further Gains?
Virgin Galactic (SPCE - Free Report) shares soared 12.3% in the last trading session to close at $5.19. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 8.2% gain over the past four weeks.
The latest uptick in the share performance of Virgin Galactic can be attributed to the recent announcement that its commercial space service is on track to begin in the second quarter of 2023.
This company is expected to post quarterly loss of $0.55 per share in its upcoming report, which represents a year-over-year change of -77.4%. Revenues are expected to be $0.52 million, up 271.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Virgin Galactic, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on SPCE going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Virgin Galactic is a member of the Zacks Aerospace - Defense industry. One other stock in the same industry, Airbus Group (EADSY - Free Report) , finished the last trading session 0.4% higher at $31.71. EADSY has returned 7% over the past month.
For Airbus Group, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.48. This represents a change of -15.8% from what the company reported a year ago. Airbus Group currently has a Zacks Rank of #2 (Buy).