Wells Fargo & Company MN Raises Stake in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Wells Fargo & Company MN grew its stake in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 70.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 16,227 shares of the company’s stock after purchasing an additional 6,722 shares during the quarter. Wells Fargo & Company MN’s holdings in Virgin Galactic were worth $95,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Virgin Galactic during the 4th quarter worth $715,000. Bank of New York Mellon Corp increased its holdings in Virgin Galactic by 6.8% during the 4th quarter. Bank of New York Mellon Corp now owns 60,688 shares of the company’s stock worth $357,000 after purchasing an additional 3,888 shares during the period. Rhumbline Advisers increased its holdings in Virgin Galactic by 19.4% during the 4th quarter. Rhumbline Advisers now owns 33,205 shares of the company’s stock worth $195,000 after purchasing an additional 5,384 shares during the period. Geode Capital Management LLC increased its holdings in Virgin Galactic by 19.1% during the 4th quarter. Geode Capital Management LLC now owns 605,362 shares of the company’s stock worth $3,561,000 after purchasing an additional 97,274 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in Virgin Galactic during the 4th quarter worth $80,000. 46.62% of the stock is currently owned by hedge funds and other institutional investors.

Virgin Galactic Price Performance

Shares of SPCE opened at $3.16 on Tuesday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 4.52 and a current ratio of 4.52. The stock has a market capitalization of $112.09 million, a PE ratio of -0.18 and a beta of 2.10. Virgin Galactic Holdings, Inc. has a fifty-two week low of $2.18 and a fifty-two week high of $28.20. The company has a 50 day moving average price of $3.02 and a 200-day moving average price of $4.80.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Susquehanna reduced their price objective on Virgin Galactic from $4.00 to $3.25 and set a “neutral” rating on the stock in a report on Thursday, March 13th. The Goldman Sachs Group lowered their price target on shares of Virgin Galactic from $41.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd.

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.