Mitsubishi UFJ Kokusai Asset Management Co. Ltd. Grows Stake in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 15.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 479,668 shares of the company’s stock after acquiring an additional 63,507 shares during the quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned about 0.17% of Virgin Galactic worth $1,861,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its stake in Virgin Galactic by 3.3% during the 1st quarter. BlackRock Inc. now owns 20,320,988 shares of the company’s stock worth $82,300,000 after buying an additional 639,999 shares during the last quarter. Vanguard Group Inc. grew its stake in Virgin Galactic by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 18,656,987 shares of the company’s stock worth $87,874,000 after buying an additional 558,020 shares during the last quarter. State Street Corp grew its stake in Virgin Galactic by 2.7% during the 1st quarter. State Street Corp now owns 17,769,339 shares of the company’s stock worth $71,966,000 after buying an additional 461,061 shares during the last quarter. Geode Capital Management LLC grew its stake in Virgin Galactic by 5.9% during the 1st quarter. Geode Capital Management LLC now owns 4,549,783 shares of the company’s stock worth $18,427,000 after buying an additional 255,231 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Virgin Galactic by 149.3% during the 2nd quarter. Northern Trust Corp now owns 2,003,233 shares of the company’s stock worth $12,060,000 after buying an additional 1,199,760 shares during the last quarter. Hedge funds and other institutional investors own 28.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on SPCE shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $4.00 price objective on shares of Virgin Galactic in a research report on Thursday, August 3rd. Truist Financial decreased their price objective on Virgin Galactic from $3.00 to $1.00 and set a “sell” rating for the company in a research report on Friday, October 20th. Finally, Susquehanna decreased their price objective on Virgin Galactic from $3.75 to $2.00 and set a “neutral” rating for the company in a research report on Thursday, November 9th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $3.55.

Virgin Galactic Stock Up 5.3 %

SPCE opened at $2.19 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 5.97 and a quick ratio of 5.35. The business has a 50 day simple moving average of $1.75 and a 200-day simple moving average of $3.04. The stock has a market capitalization of $875.38 million, a P/E ratio of -1.18 and a beta of 1.32. Virgin Galactic Holdings, Inc. has a 12 month low of $1.38 and a 12 month high of $6.61.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings results on Wednesday, November 8th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.14. The business had revenue of $1.73 million during the quarter, compared to analysts’ expectations of $1.10 million. Virgin Galactic had a negative return on equity of 113.76% and a negative net margin of 11,299.86%. On average, equities analysts anticipate that Virgin Galactic Holdings, Inc. will post -1.64 earnings per share for the current fiscal year.

Virgin Galactic Profile

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.