Money Concepts Capital Corp reduced its stake in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE – Get Rating) by 40.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,327 shares of the company's stock after selling 28,753 shares during the quarter. Money Concepts Capital Corp's holdings in Virgin Galactic were worth $266,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp boosted its position in Virgin Galactic by 101.0% during the 1st quarter. State Street Corp now owns 11,491,770 shares of the company's stock worth $113,539,000 after acquiring an additional 5,773,466 shares during the period. Mizuho Markets Americas LLC acquired a new position in Virgin Galactic during the 1st quarter worth $9,602,000. Omni Event Management Ltd acquired a new position in Virgin Galactic during the 1st quarter worth $7,637,000. BlackRock Inc. lifted its holdings in shares of Virgin Galactic by 6.9% in the first quarter. BlackRock Inc. now owns 9,484,736 shares of the company's stock valued at $93,709,000 after buying an additional 611,200 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Virgin Galactic by 1,009.3% in the first quarter. SG Americas Securities LLC now owns 655,534 shares of the company's stock valued at $6,477,000 after buying an additional 596,438 shares during the period. 33.89% of the stock is currently owned by institutional investors.
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Wall Street Analyst Weigh In
Several analysts have recently weighed in on SPCE shares. Bank of America cut their price objective on Virgin Galactic from $7.00 to $5.00 and set an "underperform" rating for the company in a report on Thursday, August 18th. Truist Financial lowered Virgin Galactic from a "hold" rating to a "sell" rating and cut their price objective for the company from $8.00 to $5.00 in a report on Friday, August 5th. Wells Fargo & Company began coverage on Virgin Galactic in a report on Tuesday, June 21st. They set an "underweight" rating and a $4.00 target price for the company. Finally, Sanford C. Bernstein downgraded Virgin Galactic from a "market perform" rating to an "underperform" rating and set a $4.00 target price for the company. in a report on Friday, September 9th. Six equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Reduce" and an average price target of $8.36.
Virgin Galactic Price Performance
Shares of SPCE stock opened at $4.87 on Friday. The stock has a 50 day moving average of $6.26 and a two-hundred day moving average of $7.10. The company has a current ratio of 6.44, a quick ratio of 6.22 and a debt-to-equity ratio of 0.64. Virgin Galactic Holdings, Inc. has a 12 month low of $4.73 and a 12 month high of $26.50. The company has a market capitalization of $1.26 billion, a P/E ratio of -3.43 and a beta of 0.78.
Virgin Galactic (NYSE:SPCE – Get Rating) last issued its earnings results on Thursday, August 4th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.05). Virgin Galactic had a negative return on equity of 40.77% and a negative net margin of 9,801.09%. The company had revenue of $0.36 million during the quarter, compared to analyst estimates of $0.08 million. During the same period in the previous year, the company posted ($0.39) earnings per share. The company's quarterly revenue was down 37.5% on a year-over-year basis. As a group, equities analysts expect that Virgin Galactic Holdings, Inc. will post -1.66 EPS for the current year.
Virgin Galactic Company Profile
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Virgin Galactic Holdings, Inc focuses on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space. It is also involved in the ground and flight testing, and post-flight maintenance of its spaceflight system vehicles.
Further Reading
- Get a free copy of the StockNews.com research report on Virgin Galactic (SPCE)
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