Bank of New York Mellon Corp Boosts Stake in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Bank of New York Mellon Corp lifted its position in Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 14.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 69,496 shares of the company’s stock after purchasing an additional 8,808 shares during the quarter. Bank of New York Mellon Corp owned 0.20% of Virgin Galactic worth $211,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings 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 worth $4,902,000 after purchasing an additional 771,749 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Virgin Galactic in the 4th quarter worth about $715,000. Wealthquest Corp purchased a new position in shares of Virgin Galactic in the 1st quarter worth about $1,340,000. Millennium Management LLC boosted its holdings 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 worth $5,568,000 after purchasing an additional 362,421 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings 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 worth $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.

Analysts Set New Price Targets

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

Virgin Galactic Trading Up 2.3%

Shares of SPCE stock opened at $3.97 on Wednesday. The stock has a market capitalization of $165.07 million, a PE ratio of -0.33 and a beta of 2.01. Virgin Galactic Holdings, Inc. has a 1-year low of $2.18 and a 1-year high of $8.19. The business has a 50-day moving average of $3.31 and a 200 day moving average of $3.50. The company has a debt-to-equity ratio of 1.55, a current ratio of 3.81 and a quick ratio of 3.81.

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

Virgin Galactic Company Profile

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.