Virgin Orbit’s Stock Crashes
Virgin Orbit, one of Richard Branson’s many high-risk tech investments, is facing significant financial troubles. Following the company’s failed attempt to launch a payload from UK soil, it has now been forced to cut 85% of its workforce, or 675 employees, due to a lack of funding. Virgin Orbit has also announced that it will incur $15 million in charges in Q1 to cover the cost of the layoffs.
Virgin Investments Limited has agreed to lend Virgin Orbit $10.9 million in the form of a senior secured bond convertible into shares.
VORB Stock Price Forecast & Analysis
According to stock forecasts from 3 analysts, the average analyst target price for Virgin Orbit Holdings Inc is USD 5.33 over the next 12 months, which is significantly higher than the current stock price of USD 0.34. However, the average analyst rating for the company is “Sell”, indicating that there is a general consensus among analysts that the stock is not a good buy at its current price.
Stock Target Advisor has also given a bearish outlook for Virgin Orbit Holdings Inc based on its analysis. The website’s analysis is based on 1 positive signal and 6 negative signals, indicating a strong bearish sentiment towards the stock.
The negative sentiment towards Virgin Orbit Holdings Inc’s stock is reflected in its recent price performance. Over the past week, the stock price has dropped by -36.22%, and over the past month, it has fallen by -74.23%. The stock’s price has also declined significantly by -95.44% over the last year.
The downward trend in Virgin Orbit Holdings Inc’s stock price is concerning, as it suggests that investors are losing confidence in the company’s ability to recover from its financial difficulties.
Investors and analysts will be closely watching Virgin Orbit Holdings Inc’s future developments to determine whether the company can turn its fortunes around. However, with the current negative sentiment surrounding the stock, it may take a significant positive development to change the outlook for the company.