Shares of spaceflight company Virgin Galactic (NYSE:SPCE) gained over 4% in after-hours trading after it reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at -$0.28, which beat analysts’ consensus estimate of -$0.42 per share.
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Sales increased by 120.8% year-over-year, with revenue hitting $1.7 million. This beat analysts’ expectations by $0.64 million.
The California-based company said its revenue boost was driven mostly by membership fees for future astronauts along with commercial spaceflights. In addition, the company said it completed six spaceflights in six months with positive customer feedback.
Looking forward, management now expects revenue for Q4 2023 to be approximately $3 million. Furthermore, it estimates that free cash flow will fall between -$125 million and -$135 million.
What is the Forecast for SPCE Stock?
Turning to Wall Street, analysts are bearish on SPCE stock with a Moderate Sell consensus rating based on two Sells, as indicated by the graphic below. Furthermore, the average SPCE price target of $1 per share implies -35.28% downside risk.
