Summit Securities Group LLC Makes New Investment in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Summit Securities Group LLC purchased a new stake in Virgin Galactic Holdings, Inc. (NYSE:SPCE) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,000 shares of the company’s stock, valued at approximately $71,000.

Other institutional investors also recently modified their holdings of the company. Corebridge Financial Inc. lifted its position in shares of Virgin Galactic by 28.8% in the fourth quarter. Corebridge Financial Inc. now owns 13,172 shares of the company’s stock worth $77,000 after purchasing an additional 2,942 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Virgin Galactic during the 4th quarter worth about $715,000. Charles Schwab Investment Management Inc. boosted its stake 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 buying an additional 34,514 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Virgin Galactic by 97.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,943 shares of the company’s stock valued at $47,000 after acquiring an additional 3,916 shares in the last quarter. Finally, SBI Securities Co. Ltd. acquired a new stake in shares of Virgin Galactic in the fourth quarter valued at about $80,000. 46.62% of the stock is currently owned by institutional investors.

Virgin Galactic Price Performance

Shares of NYSE SPCE opened at $3.01 on Monday. The company has a quick ratio of 4.52, a current ratio of 4.52 and a debt-to-equity ratio of 1.15. The business’s 50 day moving average price is $4.12 and its two-hundred day moving average price is $5.66. The company has a market cap of $106.76 million, a PE ratio of -0.17 and a beta of 2.16. Virgin Galactic Holdings, Inc. has a twelve month low of $2.85 and a twelve month high of $29.80.

Wall Street Analysts Forecast Growth

SPCE has been the subject of several recent research reports. The Goldman Sachs Group reduced their price target on Virgin Galactic from $41.00 to $36.00 and set a “neutral” rating for the company in a research report on Monday, March 3rd. Susquehanna decreased their target price on shares of Virgin Galactic from $4.00 to $3.25 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $19.85.

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.