Cerity Partners LLC Buys New Position in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Cerity Partners LLC bought a new stake in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 10,713 shares of the company’s stock, valued at approximately $32,000.

Several other hedge funds have also modified their holdings of the stock. Federated Hermes Inc. raised its position in shares of Virgin Galactic by 1,246.5% in the 4th quarter. Federated Hermes Inc. now owns 833,664 shares of the company’s stock valued at $4,902,000 after purchasing an additional 771,749 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Virgin Galactic in the 4th quarter valued at approximately $715,000. Wealthquest Corp acquired a new position in shares of Virgin Galactic in the 1st quarter valued at approximately $1,340,000. Millennium Management LLC raised its position in shares of Virgin Galactic by 62.0% in the 4th quarter. Millennium Management LLC now owns 946,956 shares of the company’s stock valued at $5,568,000 after purchasing an additional 362,421 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Virgin Galactic by 41.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,846 shares of the company’s stock valued at $87,000 after purchasing an additional 4,381 shares in the last quarter. 46.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SPCE has been the topic of a number of recent analyst reports. Jefferies Financial Group cut their target price on Virgin Galactic from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Friday, May 16th. The Goldman Sachs Group started coverage on Virgin Galactic in a research report on Monday, June 30th. They issued a “neutral” rating and a $3.00 target price on the stock.

Virgin Galactic Price Performance

Shares of NYSE SPCE opened at $3.67 on Thursday. Virgin Galactic Holdings, Inc. has a twelve month low of $2.18 and a twelve month high of $8.19. The company has a current ratio of 3.81, a quick ratio of 3.81 and a debt-to-equity ratio of 1.55. The company has a market capitalization of $152.60 million, a price-to-earnings ratio of -0.31 and a beta of 2.09. The business has a 50 day simple moving average of $3.30 and a 200-day simple moving average of $3.55.

Virgin Galactic (NYSE:SPCE) last issued its quarterly earnings results on Thursday, May 15th. The company reported ($2.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.23) by ($0.15). Virgin Galactic had a negative net margin of 5,972.70% and a negative return on equity of 97.17%. The firm had revenue of $0.46 million during the quarter, compared to the consensus estimate of $0.33 million. As a group, equities research analysts expect that Virgin Galactic Holdings, Inc. will post -16.05 earnings per share for the current year.

About Virgin Galactic

Virgin Galactic Holdings, Inc, an aerospace and space travel company, focuses on the development, manufacture, and operation of spaceships and related technologies. The company engages in the design and development, manufacturing, ground and flight testing, spaceflight operation, and post-flight maintenance of spaceflight systems for private individuals, researchers, and government agencies.