Key Points
- Virgin Galactic director Diana Strandberg bought 20,000 shares for about $49,800 at an average price of $2.49 each, increasing her stake by 39.27% to 70,930 shares.
- SPCE shares rose 10.7% and opened at $2.74, though the stock remains well below its 52-week high of $5.23 and near the lower end of its trading range.
- The company recently reported a smaller-than-expected quarterly loss, but Virgin Galactic still has negative profitability and analysts currently hold a consensus rating of “Reduce” with a $3.33 target price.
Virgin Galactic Holdings, Inc. (NYSE:SPCE - Get Free Report) Director Diana Strandberg bought 20,000 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average price of $2.49 per share, with a total value of $49,800.00. Following the completion of the transaction, the director owned 70,930 shares of the company's stock, valued at approximately $176,615.70. The trade was a 39.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.
Virgin Galactic Stock Up 10.7%
Shares of SPCE opened at $2.74 on Friday. The firm has a fifty day moving average price of $2.65 and a 200-day moving average price of $2.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.91. The firm has a market capitalization of $222.66 million, a P/E ratio of -0.63 and a beta of 2.18. Virgin Galactic Holdings, Inc. has a 12-month low of $2.13 and a 12-month high of $5.23.
Virgin Galactic (NYSE:SPCE - Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.81) EPS for the quarter, topping the consensus estimate of ($0.86) by $0.05. The company had revenue of $0.23 million for the quarter, compared to the consensus estimate of $0.20 million. Virgin Galactic had a negative net margin of 19,781.30% and a negative return on equity of 103.89%. Equities research analysts expect that Virgin Galactic Holdings, Inc. will post -3.56 earnings per share for the current year.
Institutional Trading of Virgin Galactic
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. CTC Alternative Strategies Ltd. purchased a new position in shares of Virgin Galactic in the 1st quarter valued at $27,000. Bank of America Corp DE lifted its stake in shares of Virgin Galactic by 287.9% during the 1st quarter. Bank of America Corp DE now owns 187,432 shares of the company's stock worth $455,000 after purchasing an additional 139,107 shares during the last quarter. Royal Bank of Canada boosted its position in Virgin Galactic by 1,077.1% during the first quarter. Royal Bank of Canada now owns 21,094 shares of the company's stock valued at $51,000 after purchasing an additional 19,302 shares in the last quarter. SummitTX Capital L.P. bought a new stake in Virgin Galactic during the first quarter valued at about $29,000. Finally, Themes Management Co LLC purchased a new position in Virgin Galactic in the first quarter valued at about $30,000. Institutional investors own 46.62% of the company's stock.
Wall Street Analysts Forecast Growth
SPCE has been the subject of several research analyst reports. Susquehanna lifted their price target on shares of Virgin Galactic from $2.50 to $3.00 and gave the company a "neutral" rating in a research note on Friday, April 10th. Jefferies Financial Group dropped their price objective on Virgin Galactic from $8.00 to $5.00 and set a "buy" rating on the stock in a research note on Thursday, April 2nd. Wall Street Zen upgraded Virgin Galactic from a "sell" rating to a "hold" rating in a report on Saturday, May 16th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Virgin Galactic in a report on Monday, April 20th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Reduce" and a consensus target price of $3.33.
Read Our Latest Stock Analysis on Virgin Galactic
About Virgin Galactic
(
Get Free Report)
Virgin Galactic Holdings, Inc (NYSE: SPCE) is a commercial spaceflight company developing and operating spacecraft for private individuals and research customers. The firm's primary business is suborbital human spaceflight, offering passengers a brief trip to the edge of space aboard its reusable spaceplane. In parallel, the company is building out infrastructure and support services for suborbital payload deployments and microgravity research missions.
The core flight system consists of a carrier aircraft, WhiteKnightTwo, which lifts the spaceplane SpaceShipTwo to high altitude before release.
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