SSgA Funds Management, Inc. recently announced the acquisition of new stake in Virgin Galactic Holdings Inc (NYSE:SPCE). The institutional investor has increased its shareholding in the Industrials company by 19.22% to 40.18 million shares with purchase of 6.48 million shares. This fresh investment now brings its stake to 10.05% valued currently at $98.43 million. In addition, The Vanguard Group, Inc. raised its holdings by 6.78 million to 29.54 million shares. And BlackRock Fund Advisors has lifted its position by 14.68% or 2.85 million shares – to 22.23 million shares.
Currently, there are 399.71M common shares owned by the public and among those 364.57M shares have been available to trade.
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Insiders at the company have transacted a total of 57 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 1,774,509 shares. Insider sales of the common stock occurred on 38 occasions, with total insider shares sold totaling 257,014 shares.
The top 3 mutual fund holders in Virgin Galactic Holdings Inc are SPDR S&P Aerospace & Defense ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. SPDR S&P Aerospace & Defense ETF owns 30.33 million shares of the company’s stock, all valued at over $74.31 million. Vanguard Total Stock Market ETF bought 1.95 million shares to see its total holdings expand to 11.7 million shares valued at over $28.66 million and representing 2.93% of the shares outstanding. Vanguard Small Cap Index Fund bought 1.12 million shares to bring its total holdings to over 9.16 million shares at a value of $22.44 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.29% of the shares outstanding.
However, the script later moved the day high at 2.0500, down -3.08%. The company’s stock has a 5-day price change of -1.56% and 33.10% over the past three months. SPCE shares are trading -22.86% year to date (YTD), with the 12-month market performance down to -64.74% lower. It has a 12-month low price of $1.38 and touched a high of $6.61 over the same period. SPCE has an average intraday trading volume of 11.35 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -14.32%, -15.41%, and -34.48% respectively.
Institutional ownership of Virgin Galactic Holdings Inc (NYSE: SPCE) shares accounts for 34.98% of the company’s 399.71M shares outstanding. Mutual fund holders own 26.15%, while other institutional holders and individual stakeholders account for 8.95% and 25.12% respectively.
It has a market capitalization of $755.45M and a beta (3y monthly) value of 1.62. The earnings-per-share (ttm) stands at -$1.86. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.94% over the week and 6.82% over the month.
Analysts forecast that Virgin Galactic Holdings Inc (SPCE) will achieve an EPS of -$0.3 for the current quarter, -$0.28 for the next quarter and -$1.02 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.33 while analysts give the company a high EPS estimate of -$0.25. Comparatively, EPS for the current quarter was -$0.55 a year ago. Earnings per share for the fiscal year are expected to increase by 17.44%, and 34.89% over the next financial year.
Looking at the support for the SPCE, a number of firms have released research notes about the stock. Truist stated their Hold rating for the stock in a research note on January 10, 2024, with the firm’s price target at $1-$3.
