Wellspring Financial Advisors LLC Takes Position in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Wellspring Financial Advisors LLC bought a new position in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 76,300 shares of the company’s stock, valued at approximately $309,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Virgin Galactic by 3.1% during the third quarter. Vanguard Group Inc. now owns 18,656,987 shares of the company’s stock worth $87,874,000 after buying an additional 558,020 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Virgin Galactic by 6.9% in the 3rd quarter. BlackRock Inc. now owns 17,747,749 shares of the company’s stock worth $83,591,000 after purchasing an additional 1,142,966 shares in the last quarter. State Street Corp boosted its holdings in shares of Virgin Galactic by 11.2% in the 3rd quarter. State Street Corp now owns 13,271,346 shares of the company’s stock worth $62,508,000 after purchasing an additional 1,340,554 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Virgin Galactic by 8.7% in the 4th quarter. Geode Capital Management LLC now owns 4,294,552 shares of the company’s stock worth $14,945,000 after purchasing an additional 344,680 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Virgin Galactic by 149.3% in the 2nd quarter. Northern Trust Corp now owns 2,003,233 shares of the company’s stock worth $12,060,000 after purchasing an additional 1,199,760 shares in the last quarter. 28.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Morgan Stanley reiterated an “equal weight” rating and issued a $4.00 price objective on shares of Virgin Galactic in a report on Thursday, August 3rd. Alembic Global Advisors upgraded Virgin Galactic from an “underweight” rating to a “neutral” rating and set a $4.75 price objective for the company in a report on Wednesday, June 14th. Finally, Susquehanna upped their price objective on Virgin Galactic from $3.00 to $3.75 in a report on Thursday, May 11th. Two investment analysts have rated the stock with a sell rating and five have issued a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $5.06.

Virgin Galactic Price Performance

Shares of NYSE SPCE traded down $0.05 during midday trading on Wednesday, reaching $2.50. The company had a trading volume of 5,099,872 shares, compared to its average volume of 15,412,584. Virgin Galactic Holdings, Inc. has a one year low of $2.46 and a one year high of $6.61. The company has a current ratio of 5.45, a quick ratio of 5.35 and a debt-to-equity ratio of 0.86. The firm’s fifty day moving average price is $3.44 and its 200-day moving average price is $3.96.

Virgin Galactic (NYSE:SPCE) last released its earnings results on Tuesday, August 1st. The company reported ($0.46) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.05. Virgin Galactic had a negative return on equity of 121.36% and a negative net margin of 15,135.24%. The company had revenue of $1.87 million during the quarter, compared to analyst estimates of $2.52 million. During the same quarter in the previous year, the company posted ($0.43) EPS. Virgin Galactic’s revenue for the quarter was up 424.1% on a year-over-year basis. Equities analysts predict that Virgin Galactic Holdings, Inc. will post -1.86 earnings per share for the current fiscal year.

Virgin Galactic Profile

Virgin Galactic Holdings, Inc focuses on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space. It is also involved in the ground and flight testing, and post-flight maintenance of its spaceflight system vehicles.