Arizona State Retirement System Boosts Holdings in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Arizona State Retirement System grew its position in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 34.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,500 shares of the company’s stock after purchasing an additional 25,085 shares during the period. Arizona State Retirement System’s holdings in Virgin Galactic were worth $239,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Envestnet Asset Management Inc. bought a new stake in shares of Virgin Galactic in the first quarter worth $231,000. Raymond James & Associates increased its stake in shares of Virgin Galactic by 33.0% in the first quarter. Raymond James & Associates now owns 25,295 shares of the company’s stock worth $250,000 after buying an additional 6,282 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in shares of Virgin Galactic by 12.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 86,729 shares of the company’s stock worth $857,000 after buying an additional 9,403 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Virgin Galactic by 2.1% in the first quarter. Bank of New York Mellon Corp now owns 579,028 shares of the company’s stock worth $5,720,000 after buying an additional 11,972 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Virgin Galactic by 11.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 79,645 shares of the company’s stock worth $787,000 after buying an additional 8,154 shares during the last quarter. Hedge funds and other institutional investors own 46.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Truist Financial dropped their price target 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. Wells Fargo & Company lowered their target price on shares of Virgin Galactic from $1.75 to $1.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.30.

Virgin Galactic Stock Down 11.7 %

SPCE stock opened at $0.86 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 5.12 and a quick ratio of 5.03. Virgin Galactic Holdings, Inc. has a 1-year low of $0.79 and a 1-year high of $6.17. The firm has a fifty day moving average price of $1.50 and a two-hundred day moving average price of $1.83. The firm has a market cap of $342.47 million, a price-to-earnings ratio of -0.55 and a beta of 1.60.

Virgin Galactic (NYSE:SPCE) last released its earnings results on Tuesday, February 27th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.30) by $0.05. Virgin Galactic had a negative net margin of 7,387.31% and a negative return on equity of 102.01%. The firm had revenue of $2.81 million during the quarter, compared to analyst estimates of $2.99 million. Research analysts predict that Virgin Galactic Holdings, Inc. will post -0.96 EPS for the current year.

About Virgin Galactic

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.