Millennium Management LLC Boosts Position in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Millennium Management LLC lifted its position in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE - Free Report) by 62.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 946,956 shares of the company's stock after purchasing an additional 362,421 shares during the quarter. Millennium Management LLC owned about 3.28% of Virgin Galactic worth $5,568,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its holdings in Virgin Galactic by 97.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,943 shares of the company's stock worth $47,000 after acquiring an additional 3,916 shares in the last quarter. Summit Securities Group LLC bought a new stake in Virgin Galactic in the fourth quarter worth $71,000. Corebridge Financial Inc. boosted its holdings in Virgin Galactic by 28.8% in the fourth quarter. Corebridge Financial Inc. now owns 13,172 shares of the company's stock worth $77,000 after acquiring an additional 2,942 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in Virgin Galactic in the fourth quarter worth $80,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Virgin Galactic by 41.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,846 shares of the company's stock worth $87,000 after acquiring an additional 4,381 shares in the last quarter. 46.62% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on SPCE. Jefferies Financial Group dropped their target price on Virgin Galactic from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Susquehanna dropped their target price on Virgin Galactic from $4.00 to $3.25 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Finally, The Goldman Sachs Group lowered their price target on Virgin Galactic from $41.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd.

Virgin Galactic Stock Performance

Shares of NYSE:SPCE traded down $0.15 during midday trading on Friday, reaching $3.22. 2,776,104 shares of the company's stock traded hands, compared to its average volume of 2,552,766. The company has a market cap of $133.87 million, a price-to-earnings ratio of -0.19 and a beta of 2.10. The company has a debt-to-equity ratio of 1.15, a quick ratio of 4.52 and a current ratio of 4.52. Virgin Galactic Holdings, Inc. has a one year low of $2.18 and a one year high of $18.77. The stock has a 50 day moving average of $3.05 and a 200 day moving average of $4.48.

Virgin Galactic (NYSE:SPCE - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported ($2.38) EPS for the quarter, missing analysts' consensus estimates of ($2.23) by ($0.15). The firm 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 3,975.27% and a negative return on equity of 88.09%. As a group, equities research analysts anticipate that Virgin Galactic Holdings, Inc. will post -16.05 EPS for the current fiscal 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.