Federated Hermes Inc. Has $5.93 Million Stock Position in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Key Points

• Federated Hermes Inc. significantly increased its stake in Virgin Galactic, raising ownership by 134.7% to approximately 1.96 million shares valued at $5.93 million.
• Virgin Galactic reported a quarterly loss of ($2.38) EPS, missing expectations, with revenues of $0.46 million surpassing analyst estimates.
• The company's stock has seen recent analyst activity, with Goldman Sachs rating it as "neutral" and Jefferies Financial Group lowering their price target from $9.00 to $8.00 while maintaining a "buy" rating.

Federated Hermes Inc. grew its stake in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE - Free Report) by 134.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,956,199 shares of the company's stock after acquiring an additional 1,122,535 shares during the quarter. Federated Hermes Inc. owned about 5.51% of Virgin Galactic worth $5,927,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Corebridge Financial Inc. grew its holdings in shares of Virgin Galactic by 28.8% in the 4th quarter. Corebridge Financial Inc. now owns 13,172 shares of the company's stock worth $77,000 after acquiring an additional 2,942 shares during the last quarter. Ameriprise Financial Inc. grew its stake in Virgin Galactic by 25.1% during the fourth quarter. Ameriprise Financial Inc. now owns 18,193 shares of the company's stock worth $107,000 after buying an additional 3,647 shares during the last quarter. Zacks Investment Management raised its position in Virgin Galactic by 11.7% in the 4th quarter. Zacks Investment Management now owns 39,582 shares of the company's stock worth $233,000 after purchasing an additional 4,143 shares during the last quarter. 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 acquiring an additional 4,381 shares during the period. Finally, Wells Fargo & Company MN lifted its position in shares of Virgin Galactic by 70.7% in the fourth quarter. Wells Fargo & Company MN now owns 16,227 shares of the company's stock worth $95,000 after purchasing an additional 6,722 shares in the last quarter. Institutional investors and hedge funds own 46.62% of the company's stock.

Virgin Galactic Stock Performance

SPCE stock traded up $0.19 during midday trading on Monday, reaching $3.87. The stock had a trading volume of 2,777,084 shares, compared to its average volume of 4,511,146. The stock has a market cap of $161.08 million, a PE ratio of -0.32 and a beta of 2.01. The company has a debt-to-equity ratio of 1.55, a quick ratio of 3.81 and a current ratio of 3.81. The firm has a fifty day simple moving average of $3.30 and a two-hundred day simple moving average of $3.51. Virgin Galactic Holdings, Inc. has a 52-week low of $2.18 and a 52-week high of $8.19.

Virgin Galactic (NYSE:SPCE - Get Free Report) last announced 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 during 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, equities research analysts anticipate that Virgin Galactic Holdings, Inc. will post -16.05 EPS for the current year.

Wall Street Analyst Weigh In

SPCE has been the subject of a number of recent analyst reports. The Goldman Sachs Group assumed coverage on Virgin Galactic in a research report on Monday, June 30th. They set a "neutral" rating and a $3.00 target price for the company. Jefferies Financial Group decreased 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.

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.