Lido Advisors LLC Purchases 50,995 Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Lido Advisors LLC boosted its position in Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 193.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 77,338 shares of the company’s stock after acquiring an additional 50,995 shares during the quarter. Lido Advisors LLC’s holdings in Virgin Galactic were worth $300,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SPCE. Envestnet Asset Management Inc. bought a new stake in Virgin Galactic in the 1st quarter valued at about $231,000. Raymond James & Associates increased its holdings in Virgin Galactic by 33.0% during the 1st quarter. Raymond James & Associates now owns 25,295 shares of the company’s stock worth $250,000 after purchasing an additional 6,282 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Virgin Galactic by 12.2% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 86,729 shares of the company’s stock worth $857,000 after purchasing an additional 9,403 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Virgin Galactic by 2.1% during the 1st quarter. Bank of New York Mellon Corp now owns 579,028 shares of the company’s stock worth $5,720,000 after purchasing an additional 11,972 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its holdings in Virgin Galactic by 11.4% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 79,645 shares of the company’s stock worth $787,000 after purchasing an additional 8,154 shares in the last quarter. 28.46% of the stock is owned by institutional investors.

Virgin Galactic Stock Performance

SPCE stock opened at $2.25 on Tuesday. The firm has a market cap of $899.36 million, a PE ratio of -1.21 and a beta of 1.32. The company has a quick ratio of 5.35, a current ratio of 5.97 and a debt-to-equity ratio of 0.70. The business has a 50 day moving average of $1.75 and a 200-day moving average of $3.03. Virgin Galactic Holdings, Inc. has a 12-month low of $1.38 and a 12-month high of $6.61.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings data on Wednesday, November 8th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.14. Virgin Galactic had a negative return on equity of 113.76% and a negative net margin of 11,299.86%. The business had revenue of $1.73 million for the quarter, compared to the consensus estimate of $1.10 million. As a group, sell-side analysts expect that Virgin Galactic Holdings, Inc. will post -1.64 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on SPCE. Susquehanna decreased their price objective on Virgin Galactic from $3.75 to $2.00 and set a “neutral” rating for the company in a report on Thursday, November 9th. Morgan Stanley reissued an “equal weight” rating and set a $4.00 price objective on shares of Virgin Galactic in a report on Thursday, August 3rd. Finally, Truist Financial reduced their target price on Virgin Galactic from $3.00 to $1.00 and set a “sell” rating for the company in a report on Friday, October 20th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the stock. Based on data from MarketBeat, Virgin Galactic presently has a consensus rating of “Hold” and a consensus price target of $3.55.

Virgin Galactic Company Profile

Virgin Galactic Holdings, Inc focuses on the development, manufacture, and operation of spaceships and related technologies for conducting commercial human spaceflight and flying commercial research and development payloads into space. It is also involved in the ground and flight testing, and post-flight maintenance of its spaceflight system vehicles.