Virgin Galactic Holdings, Inc. (NYSE:SPCE) Short Interest Down 94.6% in June

Virgin Galactic Holdings, Inc. (NYSE:SPCE) saw a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 5,670,000 shares, a decrease of 94.6% from the May 31st total of 104,500,000 shares. Based on an average daily volume of 1,560,000 shares, the days-to-cover ratio is currently 3.6 days. Approximately 30.1% of the company’s shares are short sold.

Institutional Investors Weigh In On Virgin Galactic

Several hedge funds have recently bought and sold shares of SPCE. Vanguard Group Inc. raised its position in shares of Virgin Galactic by 29.2% in the third quarter. Vanguard Group Inc. now owns 30,165,775 shares of the company’s stock valued at $54,298,000 after buying an additional 6,823,646 shares in the last quarter. Swiss National Bank raised its position in shares of Virgin Galactic by 23.0% in the fourth quarter. Swiss National Bank now owns 687,400 shares of the company’s stock valued at $1,684,000 after buying an additional 128,400 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Virgin Galactic by 57.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 800,968 shares of the company’s stock valued at $1,850,000 after buying an additional 291,757 shares in the last quarter. Ballentine Partners LLC bought a new position in Virgin Galactic in the fourth quarter valued at approximately $32,000. Finally, Nisa Investment Advisors LLC increased its stake in Virgin Galactic by 649.9% in the fourth quarter. Nisa Investment Advisors LLC now owns 18,973 shares of the company’s stock valued at $46,000 after acquiring an additional 16,443 shares during the last quarter. 46.62% of the stock is currently owned by institutional investors and hedge funds.

Virgin Galactic Stock Performance

Virgin Galactic stock traded down $0.12 during midday trading on Thursday, reaching $8.76. 1,377,755 shares of the company’s stock were exchanged, compared to its average volume of 1,058,414. The stock’s 50-day simple moving average is $16.68 and its 200 day simple moving average is $29.79. The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.88 and a current ratio of 4.88. The firm has a market cap of $180.19 million, a price-to-earnings ratio of -0.35 and a beta of 1.76. Virgin Galactic has a 52 week low of $8.54 and a 52 week high of $97.80.

Virgin Galactic (NYSE:SPCE) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($5.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.20) by $0.20. The firm had revenue of $1.99 million during the quarter, compared to the consensus estimate of $2.05 million. Virgin Galactic had a negative net margin of 5,301.61% and a negative return on equity of 87.99%. The business’s revenue for the quarter was up 406.4% compared to the same quarter last year. During the same period last year, the business posted ($11.40) earnings per share. On average, analysts expect that Virgin Galactic will post -18.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SPCE has been the topic of several research analyst reports. The Goldman Sachs Group dropped their price objective on Virgin Galactic from $80.00 to $70.00 and set a “neutral” rating on the stock in a research note on Monday, May 13th. Morgan Stanley raised their price objective on Virgin Galactic from $1.75 to $35.00 and gave the stock an “underweight” rating in a research note on Thursday, June 20th. Susquehanna dropped their price objective on Virgin Galactic from $40.00 to $22.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 8th. TD Cowen dropped their price objective on Virgin Galactic from $50.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, May 13th. Finally, Wells Fargo & Company dropped their price objective on Virgin Galactic from $20.00 to $15.00 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, three have issued a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $37.00.

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.