Traders Buy High Volume of Virgin Galactic Call Options (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCE - Get Free Report) was the recipient of unusually large options trading activity on Friday. Stock investors bought 23,568 call options on the stock. This represents an increase of 48% compared to the average volume of 15,916 call options.

Hedge Funds Weigh In On Virgin Galactic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Corebridge Financial Inc. raised its position in Virgin Galactic by 28.8% during 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 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 period. Bank of New York Mellon Corp grew its stake in Virgin Galactic by 6.8% during the fourth quarter. Bank of New York Mellon Corp now owns 60,688 shares of the company's stock worth $357,000 after buying an additional 3,888 shares during the period. Steward Partners Investment Advisory LLC grew its stake in Virgin Galactic by 97.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,943 shares of the company's stock worth $47,000 after buying an additional 3,916 shares during the period. Finally, Zacks Investment Management grew its stake in Virgin Galactic by 11.7% during the fourth quarter. Zacks Investment Management now owns 39,582 shares of the company's stock worth $233,000 after buying an additional 4,143 shares during the period. Institutional investors and hedge funds own 46.62% of the company's stock.

Virgin Galactic Stock Performance

Shares of NYSE:SPCE traded up $0.29 during midday trading on Monday, hitting $3.51. The stock had a trading volume of 10,346,070 shares, compared to its average volume of 2,650,625. The company has a market capitalization of $145.93 million, a PE ratio of -0.20 and a beta of 2.14. The stock has a 50 day moving average price of $3.06 and a two-hundred day moving average price of $4.36. The company has a current ratio of 4.52, a quick ratio of 4.52 and a debt-to-equity ratio of 1.15. Virgin Galactic has a 1 year low of $2.18 and a 1 year high of $18.60.

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 the consensus estimate of ($2.23) by ($0.15). Virgin Galactic had a negative net margin of 3,975.27% and a negative return on equity of 88.09%. The company had revenue of $0.46 million during the quarter, compared to analyst estimates of $0.33 million. As a group, equities analysts predict that Virgin Galactic will post -16.05 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SPCE shares. The Goldman Sachs Group reduced their target price on shares of Virgin Galactic from $41.00 to $36.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Jefferies Financial Group reduced their target price on shares of Virgin Galactic from $9.00 to $8.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Finally, Susquehanna reduced their target price on shares of Virgin Galactic from $4.00 to $3.25 and set a "neutral" rating on the stock in a report on Thursday, March 13th.

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.