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Virgin Galactic (SPCE) Stock Drops Despite Market Gains: Important Facts to Note

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The most recent trading session ended with Virgin Galactic (SPCE - Free Report) standing at $1.92, reflecting a -1.54% shift from the previouse trading day's closing. The stock fell short of the S&P 500, which registered a gain of 0.58% for the day. Elsewhere, the Dow gained 0.91%, while the tech-heavy Nasdaq added 0.3%.

Shares of the company have depreciated by 0.51% over the course of the past month, underperforming the Aerospace sector's gain of 0.34% and the S&P 500's gain of 4.61%.

Market participants will be closely following the financial results of Virgin Galactic in its upcoming release. The company plans to announce its earnings on February 27, 2024. The company is predicted to post an EPS of -$0.30, indicating a 45.45% growth compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $2.99 million, reflecting a 243.1% rise from the equivalent quarter last year.

Any recent changes to analyst estimates for Virgin Galactic should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 4.18% increase. Virgin Galactic currently has a Zacks Rank of #2 (Buy).

The Aerospace - Defense industry is part of the Aerospace sector. At present, this industry carries a Zacks Industry Rank of 65, placing it within the top 26% of over 250 industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

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