Invesco Ltd. Purchases 90,021 Shares of Virgin Galactic Holdings, Inc. $SPCE

Key Points

• Invesco Ltd. increased its stake in Virgin Galactic by 510.9% in Q1, purchasing 90,021 shares, and now holds a total of 107,641 shares worth approximately $326,000.
• Virgin Galactic reported an earnings per share (EPS) of ($1.47), exceeding analysts' expectations of ($2.12), while also noting a negative return on equity of 98.94%.
• Analysts currently rate Virgin Galactic with an average of "Hold" and have set a consensus price target of $4.81 per share.

Invesco Ltd. grew its stake in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE - Free Report) by 510.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 107,641 shares of the company's stock after acquiring an additional 90,021 shares during the period. Invesco Ltd. owned 0.30% of Virgin Galactic worth $326,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Federated Hermes Inc. grew its position in Virgin Galactic by 134.7% during the first quarter. Federated Hermes Inc. now owns 1,956,199 shares of the company's stock worth $5,927,000 after buying an additional 1,122,535 shares in the last quarter. Wealthquest Corp bought a new stake in shares of Virgin Galactic during the 1st quarter valued at about $1,340,000. Millennium Management LLC boosted its position in shares of Virgin Galactic by 62.0% during the 4th quarter. Millennium Management LLC now owns 946,956 shares of the company's stock valued at $5,568,000 after acquiring an additional 362,421 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Virgin Galactic by 39.6% during the fourth quarter. Northern Trust Corp now owns 222,753 shares of the company's stock worth $1,310,000 after purchasing an additional 63,141 shares in the last quarter. Finally, ABC Arbitrage SA bought a new position in shares of Virgin Galactic in the first quarter worth approximately $168,000. 46.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on SPCE shares. Wall Street Zen upgraded shares of Virgin Galactic from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Jefferies Financial Group lowered their price objective on shares of Virgin Galactic from $9.00 to $8.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Finally, The Goldman Sachs Group began coverage on shares of Virgin Galactic in a research report on Monday, June 30th. They issued a "neutral" rating and a $3.00 target price for the company. One equities research analyst has rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $4.81.

Virgin Galactic Price Performance

Shares of SPCE stock traded up $0.14 during trading hours on Thursday, hitting $3.27. 4,036,964 shares of the company's stock were exchanged, compared to its average volume of 1,882,503. The company has a market capitalization of $188.32 million, a PE ratio of -0.36 and a beta of 2.13. The company has a current ratio of 3.38, a quick ratio of 3.38 and a debt-to-equity ratio of 1.60. Virgin Galactic Holdings, Inc. has a 12-month low of $2.18 and a 12-month high of $8.19. The business's 50 day simple moving average is $3.34 and its 200-day simple moving average is $3.23.

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

Virgin Galactic 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.