Goldman Sachs Group Inc. Sells 336,843 Shares of Virgin Galactic Holdings, Inc. $SPCE

Key Points

• Goldman Sachs Group Inc. sold 336,843 shares of Virgin Galactic, reducing its stake by 59.7%, leaving it with approximately 227,344 shares valued at $689,000.
• Several hedge funds have increased their holdings in Virgin Galactic, with Federated Hermes Inc. boosting its stake by 134.7% during the first quarter.
• Virgin Galactic reported a loss of ($1.47) earnings per share, outperforming analysts' expectations of ($2.12), though its revenue fell short of predictions at $0.41 million.

Goldman Sachs Group Inc. decreased its position in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE - Free Report) by 59.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 227,344 shares of the company's stock after selling 336,843 shares during the period. Goldman Sachs Group Inc. owned approximately 0.55% of Virgin Galactic worth $689,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Federated Hermes Inc. boosted its stake in shares of Virgin Galactic by 134.7% during the first quarter. Federated Hermes Inc. now owns 1,956,199 shares of the company's stock valued at $5,927,000 after purchasing an additional 1,122,535 shares during the period. Wealthquest Corp purchased a new stake in Virgin Galactic in the first quarter worth about $1,340,000. Millennium Management LLC lifted its stake in Virgin Galactic by 62.0% in the fourth quarter. Millennium Management LLC now owns 946,956 shares of the company's stock worth $5,568,000 after acquiring an additional 362,421 shares during the period. Caption Management LLC lifted its stake in Virgin Galactic by 112.1% in the first quarter. Caption Management LLC now owns 11,555 shares of the company's stock worth $35,000 after acquiring an additional 107,315 shares during the period. Finally, Invesco Ltd. lifted its stake in Virgin Galactic by 510.9% in the first quarter. Invesco Ltd. now owns 107,641 shares of the company's stock worth $326,000 after acquiring an additional 90,021 shares during the period. Institutional investors own 46.62% of the company's stock.

Virgin Galactic Price Performance

Virgin Galactic stock opened at $3.75 on Thursday. The company's fifty day moving average price is $3.41 and its 200 day moving average price is $3.22. Virgin Galactic Holdings, Inc. has a 1 year low of $2.18 and a 1 year high of $8.19. The stock has a market capitalization of $215.67 million, a P/E ratio of -0.41 and a beta of 2.13. The company has a debt-to-equity ratio of 1.60, a quick ratio of 3.38 and a current ratio of 3.38.

Virgin Galactic (NYSE:SPCE - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($1.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.12) by $0.65. Virgin Galactic had a negative net margin of 17,828.03% and a negative return on equity of 98.94%. The company had revenue of $0.41 million for the quarter, compared to analysts' expectations of $0.45 million. As a group, equities research analysts anticipate that Virgin Galactic Holdings, Inc. will post -16.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SPCE shares. The Goldman Sachs Group started coverage on shares of Virgin Galactic in a research note on Monday, June 30th. They issued a "neutral" rating and a $3.00 price objective for the company. Wall Street Zen raised shares of Virgin Galactic from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $4.75.

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.

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