Virgin Galactic (NYSE:SPCE) Sees Strong Trading Volume – Time to Buy?

Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) saw unusually-high trading volume on Monday . Approximately 65,123,038 shares were traded during trading, an increase of 600% from the previous session’s volume of 9,304,200 shares.The stock last traded at $8.6920 and had previously closed at $6.18.

More Virgin Galactic News

Here are the key news stories impacting Virgin Galactic this week:

• Positive Sentiment: Virgin Galactic has restarted crewed flight testing and received preliminary court approval for a shareholder litigation settlement, while a newly disclosed stake from RichRich Capital added to recent bullish momentum. Virgin Galactic Settlement And Flight Tests Reframe Risk And Reward Profile
• Positive Sentiment: Retail enthusiasm tied to SpaceX IPO speculation and a “meme-style” momentum trade helped push SPCE to a recent 52-week high before the reversal. Space Stock Virgin Galactic Holdings, Inc. (NYSE: SPCE) Rallies as SpaceX IPO FOMO Takes Hold
• Neutral Sentiment: The stock had already surged dramatically in recent sessions, leaving it vulnerable to a sharp pullback as traders took profits. SPCE stock price forecast: why Virgin Galactic is soaring and why it may crash
• Negative Sentiment: Virgin Galactic disclosed plans to repay debt by issuing common stock, which raised dilution concerns and triggered the selloff. Why Virgin Galactic’s stock is having its worst day ever, after a record-smashing 7-day run
• Negative Sentiment: Multiple reports said the company’s debt-for-stock restructuring plan and settlement mechanics could dilute existing shareholders, prompting record one-day losses and a steep reversal from the prior rally. Virgin Galactic Shares Plummet on Debt-for-Stock Plan

Analysts Set New Price Targets

SPCE has been the subject of a number of analyst reports. Weiss Ratings raised shares of Virgin Galactic from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday. Wall Street Zen raised shares of Virgin Galactic from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Jefferies Financial Group decreased their target price on shares of Virgin Galactic from $8.00 to $5.00 and set a “buy” rating for the company in a research note on Thursday, April 2nd. Finally, Susquehanna raised their target price on shares of Virgin Galactic from $2.50 to $3.00 and gave the company a “neutral” rating in a research note on Friday, April 10th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $3.33.

Virgin Galactic Stock Down 38.4%

The company has a market cap of $466.55 million, a P/E ratio of -1.07 and a beta of 2.71. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.00 and a quick ratio of 1.00. The company’s 50-day moving average is $2.94 and its two-hundred day moving average is $3.03.

Virgin Galactic (NYSE:SPCE) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.81) earnings per share for the quarter, beating the consensus estimate of ($0.86) by $0.05. The company had revenue of $0.23 million during the quarter, compared to the consensus estimate of $0.20 million. Virgin Galactic had a negative net margin of 19,781.30% and a negative return on equity of 103.89%. As a group, equities analysts predict that Virgin Galactic Holdings, Inc. will post -2.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Virgin Galactic

In other news, Director Diana S. Strandberg purchased 20,000 shares of Virgin Galactic stock in a transaction that occurred on Tuesday, May 19th. The stock was bought at an average price of $2.49 per share, with a total value of $49,800.00. Following the completion of the transaction, the director directly owned 70,930 shares of the company’s stock, valued at approximately $176,615.70. The trade was a 39.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.42% of the stock is owned by company insiders.

Institutional Investors Weigh In On Virgin Galactic

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Virgin Galactic by 26.9% in the third quarter. Vanguard Group Inc. now owns 2,342,026 shares of the company’s stock worth $9,040,000 after purchasing an additional 496,373 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Virgin Galactic by 22.5% in the fourth quarter. Geode Capital Management LLC now owns 727,021 shares of the company’s stock worth $2,335,000 after purchasing an additional 133,438 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Virgin Galactic by 149.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 573,296 shares of the company’s stock worth $1,840,000 after purchasing an additional 343,444 shares during the last quarter. Millennium Management LLC boosted its holdings in Virgin Galactic by 118.9% in the fourth quarter. Millennium Management LLC now owns 479,789 shares of the company’s stock worth $1,540,000 after purchasing an additional 260,594 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Virgin Galactic by 40.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 406,715 shares of the company’s stock worth $1,306,000 after purchasing an additional 117,136 shares during the last quarter. Hedge funds and other institutional investors own 46.62% of the company’s stock.

About Virgin Galactic

Virgin Galactic Holdings, Inc (NYSE: SPCE) is a commercial spaceflight company developing and operating spacecraft for private individuals and research customers. The firm’s primary business is suborbital human spaceflight, offering passengers a brief trip to the edge of space aboard its reusable spaceplane. In parallel, the company is building out infrastructure and support services for suborbital payload deployments and microgravity research missions.

The core flight system consists of a carrier aircraft, WhiteKnightTwo, which lifts the spaceplane SpaceShipTwo to high altitude before release.