Summit Securities Group LLC Purchases Shares of 12,000 Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Summit Securities Group LLC acquired a new position in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 12,000 shares of the company’s stock, valued at approximately $71,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC increased its position in Virgin Galactic by 21.0% during the third quarter. Geode Capital Management LLC now owns 508,088 shares of the company’s stock worth $3,101,000 after acquiring an additional 88,102 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Virgin Galactic by 18.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 221,882 shares of the company’s stock worth $1,305,000 after purchasing an additional 34,514 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Virgin Galactic during the fourth quarter worth approximately $715,000. Bank of New York Mellon Corp raised its position in shares of Virgin Galactic by 6.8% in the fourth quarter. Bank of New York Mellon Corp now owns 60,688 shares of the company’s stock valued at $357,000 after buying an additional 3,888 shares in the last quarter. Finally, Zacks Investment Management boosted its stake in shares of Virgin Galactic by 40.3% in the third quarter. Zacks Investment Management now owns 35,439 shares of the company’s stock valued at $216,000 after buying an additional 10,172 shares during the period. Institutional investors and hedge funds own 46.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. The Goldman Sachs Group lowered 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. Susquehanna decreased their price target on Virgin Galactic from $4.00 to $3.25 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. 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. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $19.85.

Virgin Galactic Stock Down 7.5 %

NYSE SPCE opened at $3.01 on Monday. Virgin Galactic Holdings, Inc. has a fifty-two week low of $2.85 and a fifty-two week high of $29.80. The business has a fifty day moving average price of $4.12 and a two-hundred day moving average price of $5.66. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.52 and a quick ratio of 4.52. The stock has a market capitalization of $106.76 million, a PE ratio of -0.17 and a beta of 2.16.

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.