Private Advisor Group LLC cut its holdings in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 84.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,834 shares of the company’s stock after selling 142,691 shares during the quarter. Private Advisor Group LLC’s holdings in Virgin Galactic were worth $1,188,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Ten Capital Wealth Advisors LLC acquired a new position in Virgin Galactic during the second quarter worth about $28,000. Anfield Capital Management LLC acquired a new position in Virgin Galactic during the second quarter worth about $30,000. Eaton Vance Management acquired a new position in Virgin Galactic during the first quarter worth about $32,000. Centaurus Financial Inc. acquired a new position in Virgin Galactic during the second quarter worth about $112,000. Finally, Captrust Financial Advisors raised its stake in Virgin Galactic by 39.4% during the first quarter. Captrust Financial Advisors now owns 2,606 shares of the company’s stock worth $80,000 after purchasing an additional 736 shares during the period. Hedge funds and other institutional investors own 21.21% of the company’s stock.
In other Virgin Galactic news, major shareholder Virgin Investments Ltd sold 3,750,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 10th. The shares were sold at an average price of $32.26, for a total transaction of $120,975,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Craig S. Kreeger sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 17th. The stock was sold at an average price of $25.15, for a total transaction of $251,500.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,785,000 shares of company stock worth $200,118,500. 7.30% of the stock is owned by insiders.
Virgin Galactic (NYSE:SPCE) last announced its earnings results on Thursday, August 5th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.30) by ($0.09). The company had revenue of $0.57 million for the quarter. As a group, research analysts predict that Virgin Galactic Holdings, Inc. will post -1.46 earnings per share for the current year.
A number of brokerages have commented on SPCE. Cowen reduced their target price on shares of Virgin Galactic from $51.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, September 16th. Susquehanna reaffirmed a “hold” rating and set a $45.00 target price on shares of Virgin Galactic in a research note on Friday, July 9th. Citigroup downgraded shares of Virgin Galactic from an “overweight” rating to a “neutral” rating in a research note on Monday, June 28th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Virgin Galactic from a “sell” rating to a “hold” rating in a research note on Tuesday. Finally, downgraded shares of Virgin Galactic from an “overweight” rating to a “neutral” rating in a research note on Monday, June 28th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $35.43.
Virgin Galactic Company 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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