Virgin Galactic Target of Unusually Large Options Trading (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCE) was the recipient of unusually large options trading activity on Thursday. Stock investors purchased 36,969 put options on the stock. This represents an increase of 98% compared to the typical volume of 18,674 put options.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SPCE. Axxcess Wealth Management LLC bought a new position in Virgin Galactic during the 4th quarter worth about $27,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of Virgin Galactic during the 4th quarter worth approximately $30,000. Optas LLC purchased a new stake in Virgin Galactic during the fourth quarter valued at approximately $31,000. Ballentine Partners LLC acquired a new stake in Virgin Galactic in the fourth quarter valued at approximately $32,000. Finally, Capital Square LLC purchased a new position in Virgin Galactic in the fourth quarter worth $34,000. 46.62% of the stock is currently owned by institutional investors.

Virgin Galactic Stock Down 14.3 %

SPCE opened at $0.73 on Friday. The firm has a 50 day moving average price of $0.95 and a 200-day moving average price of $1.60. The company has a quick ratio of 4.88, a current ratio of 4.88 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $300.38 million, a price-to-earnings ratio of -0.58 and a beta of 1.76. Virgin Galactic has a twelve month low of $0.70 and a twelve month high of $6.17.

Virgin Galactic shares are set to reverse split before the market opens on Monday, June 17th. The 1-20 reverse split was announced on Wednesday, June 12th. The number of shares owned by shareholders will be adjusted after the closing bell on Friday, June 14th.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.01. Virgin Galactic had a negative net margin of 5,301.61% and a negative return on equity of 87.99%. The business had revenue of $1.99 million during the quarter, compared to analyst estimates of $2.05 million. During the same period in the prior year, the business posted ($0.57) earnings per share. The company’s revenue was up 406.4% on a year-over-year basis. Equities research analysts forecast that Virgin Galactic will post -0.94 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPCE has been the subject of several research analyst reports. Truist Financial lowered their price objective on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, February 28th. TD Cowen lowered their price objective on shares of Virgin Galactic from $2.50 to $2.00 and set a “buy” rating for the company in a research report on Monday, May 13th. Susquehanna lowered their price objective on shares of Virgin Galactic from $2.00 to $1.10 and set a “neutral” rating for the company in a research report on Wednesday, May 8th. The Goldman Sachs Group decreased their target price on shares of Virgin Galactic from $4.00 to $3.50 and set a “neutral” rating on the stock in a research note on Monday, May 13th. Finally, Wells Fargo & Company decreased their target price on shares of Virgin Galactic from $1.00 to $0.75 and set an “underweight” rating on the stock in a research note on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Virgin Galactic has a consensus rating of “Hold” and a consensus target price of $2.26.

Virgin Galactic Company Profile

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.