Virgin Galactic Target of Unusually Large Options Trading (NYSE:SPCE)

Key Points

• Virgin Galactic Holdings, Inc. saw a significant rise in put options trading, with investors purchasing 29,324 put options, marking a 59% increase from the average daily volume.
• Institutional investors, including Federated Hermes and Invesco, have increased their holdings in Virgin Galactic, with 46.62% of the stock now owned by institutional investors.
• Despite reporting a loss per share of ($1.47) for the last quarter, Virgin Galactic's stock has an average rating of "Hold" with an average target price of $4.75.

Virgin Galactic Holdings, Inc. (NYSE:SPCE - Get Free Report) was the target of unusually large options trading on Thursday. Investors purchased 29,324 put options on the stock. This represents an increase of approximately 59% compared to the average daily volume of 18,414 put options.

Hedge Funds Weigh In On Virgin Galactic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. grew its position in Virgin Galactic by 134.7% during the 1st quarter. Federated Hermes Inc. now owns 1,956,199 shares of the company's stock worth $5,927,000 after acquiring an additional 1,122,535 shares during the last quarter. Wealthquest Corp purchased a new stake in Virgin Galactic in the 1st quarter worth approximately $1,340,000. Invesco Ltd. lifted its stake in shares of Virgin Galactic by 510.9% in the 1st quarter. Invesco Ltd. now owns 107,641 shares of the company's stock valued at $326,000 after purchasing an additional 90,021 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Virgin Galactic in the 1st quarter valued at approximately $32,000. Finally, Ameriprise Financial Inc. lifted its stake in shares of Virgin Galactic by 25.1% in the 4th quarter. Ameriprise Financial Inc. now owns 18,193 shares of the company's stock valued at $107,000 after purchasing an additional 3,647 shares during the period. 46.62% of the stock is currently owned by institutional investors.

Virgin Galactic Price Performance

SPCE traded up $0.20 during trading on Thursday, reaching $4.04. 2,754,491 shares of the company were exchanged, compared to its average volume of 3,547,790. The company has a market cap of $232.38 million, a price-to-earnings ratio of -0.45 and a beta of 2.26. The company has a quick ratio of 3.38, a current ratio of 3.38 and a debt-to-equity ratio of 1.60. The company's 50-day moving average is $3.37 and its two-hundred day moving average is $3.23. Virgin Galactic has a 12-month low of $2.18 and a 12-month high of $8.19.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Wall Street Zen raised Virgin Galactic from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. The Goldman Sachs Group assumed coverage on Virgin Galactic in a research report on Monday, June 30th. They issued a "neutral" rating and a $3.00 price objective on the stock. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price 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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