The first cosmic velocity is the velocity of an object in a circular orbit around a celestial body. To calculate the first cosmic velocity, the following formula may be used, where v1 is the first cosmic velocity, G is the gravitational constant, M is the celestial body's mass and R is the distance from the object to the center of the celestial body.
The formula is derived by considering the gravitational force as the origin for the orbiting body's normal acceleration.
It is therefore indeed possible, if we do not account for air resistance, for the pit spat by The Goat to complete a full orbit around Earth and return to its inicial position.