Virgin Galactic Sees Unusually Large Options Volume (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCE) saw some unusual options trading on Tuesday. Stock traders acquired 42,774 put options on the company. This is an increase of approximately 206% compared to the average volume of 13,963 put options.

Institutional Trading of Virgin Galactic

Hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC raised its stake in shares of Virgin Galactic by 19.8% during the 3rd quarter. Commonwealth Equity Services LLC now owns 56,147 shares of the company’s stock worth $101,000 after purchasing an additional 9,286 shares in the last quarter. Bank of New York Mellon Corp grew its position in Virgin Galactic by 6.6% in the third quarter. Bank of New York Mellon Corp now owns 958,542 shares of the company’s stock worth $1,725,000 after acquiring an additional 59,159 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Virgin Galactic by 61.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,553 shares of the company’s stock worth $78,000 after purchasing an additional 16,575 shares during the last quarter. Seaview Investment Managers LLC raised its holdings in shares of Virgin Galactic by 47.6% during the 3rd quarter. Seaview Investment Managers LLC now owns 97,700 shares of the company’s stock valued at $176,000 after purchasing an additional 31,500 shares in the last quarter. Finally, Strategic Wealth Investment Group LLC lifted its stake in shares of Virgin Galactic by 3.5% in the 3rd quarter. Strategic Wealth Investment Group LLC now owns 245,241 shares of the company’s stock valued at $441,000 after purchasing an additional 8,391 shares during the last quarter. 46.62% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on SPCE. Wells Fargo & Company cut their target price on Virgin Galactic from $1.75 to $1.00 and set an “underweight” rating for the company in a research report on Thursday, April 4th. Truist Financial cut their target price on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat.com, Virgin Galactic presently has a consensus rating of “Hold” and an average price target of $2.30.

Virgin Galactic Trading Down 1.7 %

Shares of SPCE stock traded down $0.02 during trading hours on Tuesday, reaching $0.87. 9,722,015 shares of the stock traded hands, compared to its average volume of 11,757,450. The business has a fifty day moving average price of $1.38 and a 200 day moving average price of $1.79. Virgin Galactic has a 1-year low of $0.70 and a 1-year high of $6.17. The company has a quick ratio of 5.03, a current ratio of 5.12 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $347.47 million, a PE ratio of -0.55 and a beta of 1.60.

Virgin Galactic (NYSE:SPCE) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. The business had revenue of $2.81 million for the quarter, compared to the consensus estimate of $2.99 million. Virgin Galactic had a negative return on equity of 102.01% and a negative net margin of 7,387.31%. On average, equities research analysts forecast that Virgin Galactic will post -0.96 EPS for the current year.

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.