Virgin Galactic Sees Unusually Large Options Volume (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCE) was the recipient of some unusual options trading activity on Tuesday. Traders purchased 23,823 call options on the company. This represents an increase of 63% compared to the average daily volume of 14,651 call options.

Hedge Funds Weigh In On Virgin Galactic

Several large investors have recently bought and sold shares of the stock. Axxcess Wealth Management LLC bought a new stake in Virgin Galactic in the 4th quarter valued at $27,000. Vanguard Personalized Indexing Management LLC bought a new stake in Virgin Galactic in the 4th quarter valued at $30,000. Optas LLC bought a new stake in Virgin Galactic in the 4th quarter valued at $31,000. Ballentine Partners LLC bought a new stake in Virgin Galactic in the 4th quarter valued at $32,000. Finally, Capital Square LLC bought a new stake in Virgin Galactic in the 4th quarter valued at $34,000. 46.62% of the stock is currently owned by institutional investors and hedge funds.

Virgin Galactic Price Performance

Shares of Virgin Galactic stock opened at $0.92 on Wednesday. The firm has a fifty day simple moving average of $1.46 and a 200-day simple moving average of $1.82. The company has a current ratio of 5.12, a quick ratio of 5.03 and a debt-to-equity ratio of 0.83. Virgin Galactic has a 1-year low of $0.70 and a 1-year high of $6.17. The stock has a market capitalization of $368.12 million, a price-to-earnings ratio of -0.59 and a beta of 1.60.

Virgin Galactic (NYSE:SPCE) last released its earnings results on Tuesday, February 27th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.05. The firm had revenue of $2.81 million during the quarter, compared to analysts’ expectations of $2.99 million. Virgin Galactic had a negative net margin of 7,387.31% and a negative return on equity of 102.01%. On average, sell-side analysts expect that Virgin Galactic will post -0.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

SPCE has been the subject of a number of analyst reports. Truist Financial reduced their price objective on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating for the company in a research note on Wednesday, February 28th. Wells Fargo & Company reduced their price objective on shares of Virgin Galactic from $1.75 to $1.00 and set an “underweight” rating for the company in a research note on Thursday, April 4th. Two research analysts have rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $2.30.

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.