683 Capital Management LLC Makes New $899,000 Investment in Virgin Galactic Holdings, Inc. $SPCE

683 Capital Management LLC bought a new position in shares of Virgin Galactic Holdings, Inc. (NYSE:SPCE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 280,160 shares of the company’s stock, valued at approximately $899,000.

Other institutional investors also recently bought and sold shares of the company. PharVision Advisers LLC purchased a new stake in Virgin Galactic during the third quarter worth $43,000. Pitcairn Co. purchased a new stake in Virgin Galactic during the second quarter worth $31,000. Verition Fund Management LLC purchased a new stake in Virgin Galactic during the third quarter worth $52,000. BNP Paribas Financial Markets boosted its position in Virgin Galactic by 61.9% during the third quarter. BNP Paribas Financial Markets now owns 13,608 shares of the company’s stock worth $53,000 after purchasing an additional 5,205 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC purchased a new stake in Virgin Galactic during the fourth quarter worth $48,000. 46.62% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Virgin Galactic

In other news, Director Diana S. Strandberg purchased 20,000 shares of the stock in a transaction on Tuesday, May 19th. The stock was purchased at an average price of $2.49 per share, with a total value of $49,800.00. Following the completion of the transaction, the director owned 70,930 shares in the company, valued at approximately $176,615.70. The trade was a 39.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.27% of the company’s stock.

Virgin Galactic Price Performance

SPCE stock opened at $3.48 on Thursday. The stock has a 50-day moving average price of $3.38 and a two-hundred day moving average price of $3.10. Virgin Galactic Holdings, Inc. has a 12-month low of $2.13 and a 12-month high of $8.90. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.91. The company has a market cap of $350.06 million, a PE ratio of -0.80 and a beta of 2.71.

Virgin Galactic (NYSE:SPCE) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.81) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.86) by $0.05. Virgin Galactic had a negative return on equity of 103.89% and a negative net margin of 19,781.30%.The firm had revenue of $0.23 million during the quarter, compared to the consensus estimate of $0.20 million. As a group, research analysts predict that Virgin Galactic Holdings, Inc. will post -2.59 EPS for the current year.

Wall Street Analyst Weigh In

SPCE has been the topic of a number of research analyst reports. Wall Street Zen upgraded Virgin Galactic from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Susquehanna boosted their target price on Virgin Galactic from $2.50 to $3.00 and gave the stock a “neutral” rating in a research report on Friday, April 10th. Weiss Ratings cut Virgin Galactic from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday. Finally, Jefferies Financial Group raised Virgin Galactic to a “strong-buy” rating in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $3.33.

About Virgin Galactic

Virgin Galactic Holdings, Inc (NYSE: SPCE) is a commercial spaceflight company developing and operating spacecraft for private individuals and research customers. The firm’s primary business is suborbital human spaceflight, offering passengers a brief trip to the edge of space aboard its reusable spaceplane. In parallel, the company is building out infrastructure and support services for suborbital payload deployments and microgravity research missions.

The core flight system consists of a carrier aircraft, WhiteKnightTwo, which lifts the spaceplane SpaceShipTwo to high altitude before release.