Belpointe Asset Management LLC Decreases Stock Holdings in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Belpointe Asset Management LLC reduced its position in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 41.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,243 shares of the company’s stock after selling 1,607 shares during the period. Belpointe Asset Management LLC’s holdings in Virgin Galactic were worth $103,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in SPCE. Burleson & Company LLC purchased a new stake in shares of Virgin Galactic during the 1st quarter worth $28,000. Anfield Capital Management LLC acquired a new stake in Virgin Galactic during the 2nd quarter worth $30,000. Eaton Vance Management acquired a new stake in Virgin Galactic during the 1st quarter worth $32,000. Fifth Third Bancorp acquired a new stake in Virgin Galactic during the 1st quarter worth $80,000. Finally, Captrust Financial Advisors raised its stake in Virgin Galactic by 39.4% during the 1st quarter. Captrust Financial Advisors now owns 2,606 shares of the company’s stock worth $80,000 after acquiring an additional 736 shares in the last quarter. 21.21% of the stock is owned by institutional investors and hedge funds.

In other Virgin Galactic news, major shareholder Virgin Investments Ltd sold 3,750,000 shares of the company’s stock in a transaction dated Tuesday, August 10th. The shares were sold at an average price of $32.26, for a total value of $120,975,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Craig S. Kreeger sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 17th. The shares were sold at an average price of $25.15, for a total transaction of $251,500.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,785,000 shares of company stock worth $200,118,500. 7.30% of the stock is owned by insiders.

Several brokerages recently commented on SPCE. Zacks Investment Research upgraded shares of Virgin Galactic from a “sell” rating to a “hold” rating in a research note on Thursday, August 5th. Cowen cut 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 note on Thursday. Susquehanna restated a “hold” rating and issued a $45.00 price objective on shares of Virgin Galactic in a research note on Friday, July 9th. Sanford C. Bernstein lifted their price objective on shares of Virgin Galactic from $18.00 to $27.00 and gave the company a “market perform” rating in a research note on Monday, May 24th. Finally, lowered shares of Virgin Galactic from an “overweight” rating to a “neutral” rating in a research note on Monday, June 28th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Virgin Galactic presently has an average rating of “Hold” and a consensus price target of $35.43.

Shares of NYSE:SPCE opened at $24.49 on Friday. The company has a market cap of $6.30 billion, a price-to-earnings ratio of -15.40 and a beta of 0.34. The firm’s 50-day simple moving average is $28.86 and its 200-day simple moving average is $29.83. Virgin Galactic Holdings, Inc. has a fifty-two week low of $14.27 and a fifty-two week high of $62.80.

Virgin Galactic (NYSE:SPCE) last released its quarterly earnings data on Thursday, August 5th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.09). As a group, sell-side analysts forecast that Virgin Galactic Holdings, Inc. will post -1.46 earnings per share for the current fiscal year.

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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