Virgin Galactic Holdings, Inc. (NYSE:SPCE) Sees Large Decline in Short Interest

Virgin Galactic Holdings, Inc. (NYSE:SPCE) was the recipient of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 8,670,000 shares, a decrease of 27.1% from the March 15th total of 11,900,000 shares. Currently, 25.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,020,000 shares, the days-to-cover ratio is presently 4.3 days.

Virgin Galactic Stock Down 0.2 %

NYSE:SPCE opened at $2.53 on Friday. The stock’s fifty day moving average price is $3.42 and its two-hundred day moving average price is $5.26. The company has a market cap of $89.71 million, a price-to-earnings ratio of -0.15 and a beta of 2.11. Virgin Galactic has a 52-week low of $2.18 and a 52-week high of $28.20. The company has a debt-to-equity ratio of 1.15, a quick ratio of 4.52 and a current ratio of 4.52.

Hedge Funds Weigh In On Virgin Galactic

Several hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Virgin Galactic by 21.0% during the 3rd quarter. Geode Capital Management LLC now owns 508,088 shares of the company’s stock valued at $3,101,000 after purchasing an additional 88,102 shares during the period. Federated Hermes Inc. raised its stake in shares of Virgin Galactic by 1,246.5% during the fourth quarter. Federated Hermes Inc. now owns 833,664 shares of the company’s stock worth $4,902,000 after buying an additional 771,749 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Virgin Galactic in the fourth quarter valued at approximately $715,000. Bank of New York Mellon Corp grew its holdings in Virgin Galactic by 6.8% during the 4th quarter. Bank of New York Mellon Corp now owns 60,688 shares of the company’s stock worth $357,000 after acquiring an additional 3,888 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Virgin Galactic by 19.4% during the 4th quarter. Rhumbline Advisers now owns 33,205 shares of the company’s stock valued at $195,000 after acquiring an additional 5,384 shares during the last quarter. Institutional investors own 46.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SPCE shares. Susquehanna reduced their target price on Virgin Galactic from $4.00 to $3.25 and set a “neutral” rating on the stock in a report on Thursday, March 13th. The Goldman Sachs Group reduced their price objective on Virgin Galactic from $41.00 to $36.00 and set a “neutral” rating on the stock in a research note on Monday, March 3rd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.85.

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.