Virgin Galactic Holdings, Inc. (NYSE:SPCE) Holdings Lowered by Wells Fargo & Company MN

Wells Fargo & Company MN trimmed its stake in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 13.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 492,273 shares of the company’s stock after selling 77,167 shares during the quarter. Wells Fargo & Company MN’s holdings in Virgin Galactic were worth $22,645,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in SPCE. Ten Capital Wealth Advisors LLC bought a new stake in shares of Virgin Galactic during the 2nd quarter worth about $28,000. Anfield Capital Management LLC bought a new stake in shares of Virgin Galactic during the 2nd quarter worth about $30,000. Eaton Vance Management bought a new stake in shares of Virgin Galactic during the 1st quarter worth about $32,000. FinTrust Capital Advisors LLC raised its position in shares of Virgin Galactic by 208.3% during the 2nd quarter. FinTrust Capital Advisors LLC now owns 740 shares of the company’s stock worth $34,000 after buying an additional 500 shares in the last quarter. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Virgin Galactic during the 2nd quarter worth about $54,000. Institutional investors own 43.47% of the company’s stock.

NYSE SPCE opened at $17.03 on Thursday. The stock has a market capitalization of $4.39 billion, a PE ratio of -10.85 and a beta of 0.23. The company has a 50 day moving average price of $21.84 and a two-hundred day moving average price of $27.67. Virgin Galactic Holdings, Inc. has a 12-month low of $14.27 and a 12-month high of $62.80.

Virgin Galactic (NYSE:SPCE) last posted its earnings results on Monday, November 8th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.28) by ($0.04). The business had revenue of $2.58 million for the quarter, compared to analysts’ expectations of $1.69 million. During the same period in the previous year, the business earned ($0.34) EPS. On average, analysts expect that Virgin Galactic Holdings, Inc. will post -1.57 EPS for the current fiscal year.

In other Virgin Galactic news, major shareholder Virgin Investments Ltd sold 15,600,000 shares of Virgin Galactic stock in a transaction that occurred on Wednesday, November 10th. The shares were sold at an average price of $19.25, for a total value of $300,300,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 7.30% of the stock is owned by insiders.

A number of research firms have commented on SPCE. Cowen dropped their price target on shares of Virgin Galactic from $51.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, September 16th. Jefferies Financial Group assumed coverage on shares of Virgin Galactic in a research note on Tuesday, August 31st. They issued a “buy” rating and a $33.00 price objective on the stock. Morgan Stanley lowered their price objective on shares of Virgin Galactic from $25.00 to $17.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 19th. Bank of America lowered their price objective on shares of Virgin Galactic from $25.00 to $20.00 and set an “underperform” rating on the stock in a research note on Friday, October 15th. Finally, Credit Suisse Group assumed coverage on shares of Virgin Galactic in a research note on Thursday, August 12th. They issued a “neutral” rating and a $30.00 price objective on the stock. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $31.87.

Virgin Galactic Profile

Virgin Galactic Holdings, Inc, an integrated aerospace company, develops human spaceflight for private individuals and researchers in the United States. It also manufactures air and space vehicles. The company's spaceship operations include commercial human spaceflight, flying commercial research, and development payloads into space.

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Institutional Ownership by Quarter for Virgin Galactic (NYSE:SPCE)

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