Deutsche Bank AG grew its stake in Virgin Galactic Holdings, Inc. (NYSE:SPCE) by 35.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,351 shares of the company’s stock after purchasing an additional 12,803 shares during the quarter. Deutsche Bank AG’s holdings in Virgin Galactic were worth $2,269,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of SPCE. Anfield Capital Management LLC bought a new stake in Virgin Galactic during the 2nd quarter valued at about $30,000. Eaton Vance Management purchased a new position in shares of Virgin Galactic in the first quarter worth approximately $32,000. Captrust Financial Advisors boosted its holdings in shares of Virgin Galactic by 39.4% in the first quarter. Captrust Financial Advisors now owns 2,606 shares of the company’s stock worth $80,000 after buying an additional 736 shares during the last quarter. Centaurus Financial Inc. purchased a new position in shares of Virgin Galactic in the second quarter worth approximately $112,000. Finally, Panagora Asset Management Inc. purchased a new position in shares of Virgin Galactic in the first quarter worth approximately $117,000. Institutional investors own 21.21% of the company’s stock.
Shares of NYSE SPCE opened at $23.94 on Thursday. Virgin Galactic Holdings, Inc. has a 52 week low of $14.27 and a 52 week high of $62.80. The business’s 50 day moving average price is $25.47 and its 200 day moving average price is $28.80. The firm has a market cap of $6.16 billion, a P/E ratio of -15.06 and a beta of 0.34.
In related news, major shareholder Virgin Investments Ltd sold 3,025,000 shares of the firm’s stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $26.08, for a total transaction of $78,892,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Craig S. Kreeger sold 10,000 shares of Virgin Galactic stock in a transaction dated Tuesday, August 17th. The shares were sold at an average price of $25.15, for a total value of $251,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 6,785,000 shares of company stock valued at $200,118,500. 7.30% of the stock is owned by corporate insiders.
A number of equities analysts recently issued reports on the stock. Bank of America downgraded shares of Virgin Galactic from a “buy” rating to an “underperform” rating and set a $41.00 price objective on the stock. in a report on Wednesday, June 30th. Zacks Investment Research upgraded shares of Virgin Galactic from a “sell” rating to a “hold” rating in a research note on Tuesday. Credit Suisse Group initiated coverage on shares of Virgin Galactic in a research note on Thursday, August 12th. They set a “neutral” rating and a $30.00 target price on the stock. Alembic Global Advisors cut shares of Virgin Galactic from an “overweight” rating to a “neutral” rating in a research note on Monday, June 28th. Finally, cut shares of Virgin Galactic from an “overweight” rating to a “neutral” rating in a research note on Monday, June 28th. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $35.43.
About Virgin Galactic
Virgin Galactic Holdings, Inc, an integrated aerospace company, develops human spaceflight for private individuals and researchers in the United States. It also manufactures air and space vehicles. The company's spaceship operations include commercial human spaceflight, flying commercial research, and development payloads into space.
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