Charles Schwab Investment Management Inc. Acquires 42,883 Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Charles Schwab Investment Management Inc. boosted its holdings in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 29.7% during the third quarter, Holdings Channel reports. The firm owned 187,368 shares of the company’s stock after acquiring an additional 42,883 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Virgin Galactic were worth $1,143,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cubist Systematic Strategies LLC bought a new position in Virgin Galactic in the 2nd quarter worth $492,000. Nisa Investment Advisors LLC increased its position in shares of Virgin Galactic by 908.5% during the third quarter. Nisa Investment Advisors LLC now owns 55,163 shares of the company’s stock valued at $336,000 after buying an additional 49,693 shares during the period. Point72 DIFC Ltd bought a new position in Virgin Galactic in the second quarter worth about $240,000. XTX Topco Ltd purchased a new stake in Virgin Galactic in the second quarter worth about $145,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Virgin Galactic during the 2nd quarter valued at approximately $98,000. Institutional investors own 46.62% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on SPCE. Morgan Stanley decreased their target price on Virgin Galactic from $35.00 to $5.00 and set an “underweight” rating for the company in a research report on Tuesday, September 17th. The Goldman Sachs Group reduced their price target on Virgin Galactic from $53.00 to $47.00 and set a “neutral” rating on the stock in a research note on Thursday, October 10th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $25.50.

Virgin Galactic Price Performance

SPCE stock opened at $6.57 on Wednesday. The company has a debt-to-equity ratio of 1.15, a quick ratio of 4.52 and a current ratio of 4.52. The firm has a 50 day moving average price of $6.83 and a 200-day moving average price of $7.51. Virgin Galactic Holdings, Inc. has a 52-week low of $5.26 and a 52-week high of $54.60. The firm has a market capitalization of $189.56 million, a price-to-earnings ratio of -0.38 and a beta of 1.75.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings data on Wednesday, November 6th. The company reported ($2.66) earnings per share for the quarter, beating analysts’ consensus estimates of ($4.10) by $1.44. Virgin Galactic had a negative return on equity of 88.09% and a negative net margin of 3,975.27%. The company had revenue of $0.40 million during the quarter, compared to analyst estimates of $0.47 million. During the same quarter last year, the company earned ($5.60) EPS. Equities research analysts forecast that Virgin Galactic Holdings, Inc. will post -16.05 EPS for the current fiscal year.

About Virgin Galactic

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.