Federated Hermes Inc. Buys 771,749 Shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Federated Hermes Inc. grew its stake in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 1,246.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 833,664 shares of the company’s stock after acquiring an additional 771,749 shares during the quarter. Federated Hermes Inc.’s holdings in Virgin Galactic were worth $4,902,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in Virgin Galactic by 19.1% during the 4th quarter. Geode Capital Management LLC now owns 605,362 shares of the company’s stock valued at $3,561,000 after purchasing an additional 97,274 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Virgin Galactic by 18.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 221,882 shares of the company’s stock valued at $1,305,000 after buying an additional 34,514 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Virgin Galactic during the fourth quarter valued at approximately $715,000. Bank of New York Mellon Corp raised its holdings in Virgin Galactic by 6.8% in 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 last quarter. Finally, Rhumbline Advisers lifted its position in Virgin Galactic by 19.4% in 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 in the last quarter. Hedge funds and other institutional investors own 46.62% of the company’s stock.

Analyst Ratings Changes

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

Virgin Galactic Price Performance

Shares of SPCE opened at $2.58 on Friday. The firm has a fifty day simple moving average of $3.57 and a two-hundred day simple moving average of $5.35. The firm has a market cap of $91.48 million, a PE ratio of -0.15 and a beta of 2.11. The company has a current ratio of 4.52, a quick ratio of 4.52 and a debt-to-equity ratio of 1.15. Virgin Galactic Holdings, Inc. has a 1-year low of $2.18 and a 1-year high of $28.20.

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.