Wedbush Securities Inc. increased its holdings in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 135.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,856 shares of the company’s stock after purchasing an additional 14,309 shares during the quarter. Wedbush Securities Inc.’s holdings in Virgin Galactic were worth $761,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also bought and sold shares of SPCE. Norges Bank acquired a new stake in Virgin Galactic in the fourth quarter valued at approximately $13,402,000. Nikko Asset Management Americas Inc. grew its position in Virgin Galactic by 123.6% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 585,624 shares of the company’s stock valued at $13,897,000 after acquiring an additional 323,762 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Virgin Galactic by 123.4% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 584,338 shares of the company’s stock valued at $13,866,000 after acquiring an additional 322,729 shares in the last quarter. JPMorgan Chase & Co. grew its position in Virgin Galactic by 117.8% in the fourth quarter. JPMorgan Chase & Co. now owns 43,376 shares of the company’s stock valued at $1,029,000 after acquiring an additional 286,676 shares in the last quarter. Finally, Morgan Stanley grew its position in Virgin Galactic by 7.2% in the fourth quarter. Morgan Stanley now owns 2,890,382 shares of the company’s stock valued at $68,589,000 after acquiring an additional 194,894 shares in the last quarter. 23.46% of the stock is owned by hedge funds and other institutional investors.
Several analysts have issued reports on SPCE shares. UBS Group lowered their price objective on shares of Virgin Galactic from $52.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, February 26th. They noted that the move was a valuation call. Morgan Stanley cut Virgin Galactic from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $24.00 to $30.00 in a research note on Monday, February 1st. Alembic Global Advisors cut Virgin Galactic from an “overweight” rating to a “neutral” rating and set a $39.00 target price for the company. in a research note on Friday, February 26th. Bank of America increased their target price on Virgin Galactic from $35.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, March 9th. Finally, Susquehanna Bancshares cut Virgin Galactic from a “positive” rating to a “neutral” rating in a research note on Tuesday, January 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Virgin Galactic currently has an average rating of “Hold” and an average target price of $34.00.
Virgin Galactic (NYSE:SPCE) last posted its earnings results on Thursday, February 25th. The company reported ($0.31) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.31). Analysts predict that Virgin Galactic Holdings, Inc. will post -1.26 EPS for the current fiscal year.
In other news, Director Chamath Palihapitiya sold 3,100,000 shares of the firm’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 transaction, the director now directly owns 4,910,292 shares of the company’s stock, valued at $173,235,101.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Virgin Investments Ltd sold 1,484,000 shares of the firm’s stock in a transaction on Wednesday, April 14th. The shares were sold at an average price of $26.86, for a total value of $39,860,240.00. The disclosure for this sale can be found here. Insiders sold 6,484,000 shares of company stock worth $200,490,240 over the last quarter. 14.30% of the stock is currently owned by company insiders.
Virgin Galactic Profile
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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