Sanford C. Bernstein started coverage on shares of Virgin Galactic (NYSE:SPCE) in a research note published on Monday, Analyst Ratings Network reports. The brokerage issued a market perform rating and a $27.00 price objective on the stock.
A number of other analysts also recently weighed in on the stock. Truist Securities started coverage on shares of Virgin Galactic in a report on Monday, March 22nd. They issued a buy rating and a $50.00 price target for the company. Bank of America increased their price objective on shares of Virgin Galactic from $35.00 to $50.00 and gave the company a buy rating in a research note on Tuesday, March 9th. UBS Group dropped their price objective on shares of Virgin Galactic from $52.00 to $40.00 and set a neutral rating for the company in a research note on Friday, February 26th. They noted that the move was a valuation call. Alembic Global Advisors cut shares of Virgin Galactic from an overweight rating to a neutral rating and set a $39.00 price objective for the company. in a research note on Friday, February 26th. Finally, Cowen increased their price objective on shares of Virgin Galactic from $22.00 to $30.00 and gave the company an outperform rating in a research note on Monday, December 21st. One analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $34.00.
Shares of Virgin Galactic stock opened at $21.72 on Monday. Virgin Galactic has a fifty-two week low of $14.21 and a fifty-two week high of $62.80. The firm has a fifty day moving average price of $29.40 and a two-hundred day moving average price of $29.90. The company has a market cap of $5.15 billion, a PE ratio of -16.58 and a beta of 0.80.
In related news, major shareholder Virgin Investments Ltd sold 1,900,000 shares of the business’s stock in a transaction on Monday, April 12th. The shares were sold at an average price of $26.98, for a total transaction of $51,262,000.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Chamath Palihapitiya sold 3,100,000 shares of Virgin Galactic stock in a transaction on Tuesday, March 2nd. The stock was sold at an average price of $35.28, for a total transaction of $109,368,000.00. Following the transaction, the director now directly owns 4,910,292 shares of the company’s stock, valued at $173,235,101.76. The disclosure for this sale can be found here. Insiders sold 6,491,827 shares of company stock worth $200,771,151 over the last quarter. 14.30% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the business. Bedel Financial Consulting Inc. boosted its position in shares of Virgin Galactic by 33.2% in the fourth quarter. Bedel Financial Consulting Inc. now owns 1,054 shares of the company’s stock valued at $25,000 after acquiring an additional 263 shares during the period. Focused Wealth Management Inc bought a new stake in shares of Virgin Galactic in the fourth quarter valued at about $26,000. International Assets Investment Management LLC bought a new stake in shares of Virgin Galactic in the fourth quarter valued at about $30,000. SOA Wealth Advisors LLC. bought a new stake in shares of Virgin Galactic in the fourth quarter valued at about $31,000. Finally, BDO Wealth Advisors LLC bought a new stake in shares of Virgin Galactic in the fourth quarter valued at about $32,000. 23.46% of the stock is owned by hedge funds and other institutional investors.
About Virgin Galactic
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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