Virgin Galactic (NYSE:SPCE) Shares Down 7.8%


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Virgin Galactic Holdings, Inc. (NYSE:SPCE)’s share price dropped 7.8% during trading on Monday . The stock traded as low as $26.94 and last traded at $27.00. Approximately 129,680 shares were traded during trading, a decline of 99% from the average daily volume of 17,300,248 shares. The stock had previously closed at $29.28.

SPCE has been the topic of several recent research reports. Alembic Global Advisors lowered Virgin Galactic from an “overweight” rating to a “neutral” rating and set a $39.00 price target on the stock. in a research report on Friday, February 26th. Cowen boosted their price target on Virgin Galactic from $22.00 to $30.00 and gave the stock an “outperform” rating in a research report on Monday, December 21st. Bank of America boosted their price target on Virgin Galactic from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Tuesday, March 9th. Susquehanna Bancshares lowered Virgin Galactic from a “positive” rating to a “neutral” rating in a research report on Tuesday, January 19th. Finally, Truist Securities initiated coverage on Virgin Galactic in a research report on Monday, March 22nd. They set a “buy” rating and a $50.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $34.64.

The firm has a market capitalization of $6.36 billion, a price-to-earnings ratio of -20.76 and a beta of 0.80. The company has a 50-day moving average of $34.18 and a 200-day moving average of $29.64.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings results on Thursday, February 25th. The company reported ($0.31) earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.31). On average, equities research analysts expect that Virgin Galactic Holdings, Inc. will post -1.26 earnings per share for the current year.

In related news, Director Chamath Palihapitiya sold 3,100,000 shares of the company’s stock in a transaction on Tuesday, March 2nd. The stock was sold at an average price of $35.28, for a total transaction of $109,368,000.00. Following the completion of the transaction, the director now directly owns 4,910,292 shares in the company, valued at approximately $173,235,101.76. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Jonathan Joseph Campagna sold 7,827 shares of the company’s stock in a transaction on Monday, January 25th. The stock was sold at an average price of $35.89, for a total value of $280,911.03. Following the transaction, the chief financial officer now owns 233,429 shares of the company’s stock, valued at $8,377,766.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,164,132 shares of company stock valued at $111,419,140. 14.30% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in SPCE. Norges Bank bought a new position in shares of Virgin Galactic in the fourth quarter worth $13,402,000. Nikko Asset Management Americas Inc. grew its stake in shares of Virgin Galactic by 123.6% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 585,624 shares of the company’s stock worth $13,897,000 after purchasing an additional 323,762 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Virgin Galactic by 123.4% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 584,338 shares of the company’s stock worth $13,866,000 after purchasing an additional 322,729 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Virgin Galactic by 117.8% in the fourth quarter. JPMorgan Chase & Co. now owns 43,376 shares of the company’s stock worth $1,029,000 after purchasing an additional 286,676 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Virgin Galactic by 7.2% in the fourth quarter. Morgan Stanley now owns 2,890,382 shares of the company’s stock worth $68,589,000 after purchasing an additional 194,894 shares in the last quarter. 23.46% of the stock is owned by institutional investors.

Virgin Galactic Company Profile (NYSE:SPCE)

Virgin Galactic Holdings, Inc, an integrated aerospace company, develops human spaceflight for private individuals and researchers in the United States. It also manufactures air and space vehicles. The company's spaceship operations include commercial human spaceflight, flying commercial research, and development payloads into space.

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