Raymond James Financial Services Advisors Inc. increased its stake in shares of Virgin Galactic Holdings (NASDAQ:SPCE) by 166.0% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 61,105 shares of the company’s stock after acquiring an additional 38,137 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Virgin Galactic were worth $998,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in shares of Virgin Galactic by 92.3% during the first quarter. Bank of New York Mellon Corp now owns 113,088 shares of the company’s stock worth $1,672,000 after acquiring an additional 54,279 shares during the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in shares of Virgin Galactic during the first quarter worth $246,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in shares of Virgin Galactic during the second quarter worth $163,000. State Street Corp bought a new position in shares of Virgin Galactic during the first quarter worth $662,000. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Virgin Galactic during the first quarter worth $158,000.
In other news, major shareholder 10 Ltd Vieco sold 1,300,000 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $15.92, for a total value of $20,696,000.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Craig S. Kreeger bought 10,000 shares of Virgin Galactic stock in a transaction dated Tuesday, May 12th. The stock was purchased at an average cost of $19.48 per share, for a total transaction of $194,800.00. Following the purchase, the director now owns 35,445 shares of the company’s stock, valued at approximately $690,468.60. The disclosure for this purchase can be found here. In the last three months, insiders bought 12,357 shares of company stock worth $239,261 and sold 34,280,000 shares worth $516,012,500.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Virgin Galactic from a “sell” rating to a “hold” rating in a research report on Wednesday, July 8th. Credit Suisse Group lowered their price objective on shares of Virgin Galactic from $25.00 to $22.00 and set a “neutral” rating for the company in a research report on Wednesday, June 10th. Vertical Research reiterated a “buy” rating and set a $29.00 price objective on shares of Virgin Galactic in a research report on Tuesday, June 30th. Finally, Alembic Global Advisors initiated coverage on shares of Virgin Galactic in a research report on Monday, July 13th. They set an “overweight” rating for the company. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $25.00.
SPCE stock opened at $22.45 on Friday. Virgin Galactic Holdings has a 52 week low of $6.90 and a 52 week high of $42.49. The company has a fifty day simple moving average of $18.60 and a two-hundred day simple moving average of $18.41.
Virgin Galactic (NASDAQ:SPCE) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.30) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.15). The business had revenue of $0.24 million for the quarter, compared to analyst estimates of $0.65 million. Virgin Galactic’s revenue for the quarter was down 86.5% on a year-over-year basis.
Virgin Galactic Profile
Virgin Galactic, LLC provides spaceline services. The company offers suborbital research flights to scientific research community. It also operates a spaceport for astronaut training and flights operations.Virgin Galactic, LLC was founded in 2004 and is based in Mojave, California with additional offices in Las Cruces, New York, London, Pasadena, and Washington, DC Virgin Galactic, LLC operates as a subsidiary of Virgin Group Ltd.
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