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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 $1.65, reflecting a -1.2% shift from the previouse trading day's closing. This move lagged the S&P 500's daily gain of 0.04%. Elsewhere, the Dow gained 0.16%, while the tech-heavy Nasdaq lost 0.28%.

Prior to today's trading, shares of the company had lost 14.36% over the past month. This has lagged the Aerospace sector's gain of 1.96% and the S&P 500's gain of 5.01% in that time.

Investors will be eagerly watching for the performance of Virgin Galactic in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on February 27, 2024. The company is forecasted to report an EPS of -$0.30, showcasing a 45.45% upward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $2.99 million, indicating a 243.1% growth compared to the corresponding quarter of the prior year.

Investors might also notice recent changes to analyst estimates for Virgin Galactic. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 4.18% upward. Currently, Virgin Galactic is carrying a Zacks Rank of #2 (Buy).

The Aerospace - Defense industry is part of the Aerospace sector. Currently, this industry holds a Zacks Industry Rank of 88, positioning it in the top 35% of all 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.

Ensure to harness to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

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