Cresset Asset Management LLC Invests $104,000 in Virgin Galactic Holdings, Inc. (NYSE:SPCE)

Cresset Asset Management LLC bought a new position in Virgin Galactic Holdings, Inc. (NYSE:SPCE) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 17,705 shares of the company’s stock, valued at approximately $104,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Federated Hermes Inc. lifted its stake in shares of Virgin Galactic by 1,246.5% in the fourth quarter. Federated Hermes Inc. now owns 833,664 shares of the company’s stock worth $4,902,000 after buying an additional 771,749 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Virgin Galactic in the fourth quarter worth approximately $715,000. Bank of New York Mellon Corp lifted its stake in shares of Virgin Galactic by 6.8% in the fourth quarter. Bank of New York Mellon Corp now owns 60,688 shares of the company’s stock worth $357,000 after buying an additional 3,888 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Virgin Galactic by 19.4% in the fourth quarter. Rhumbline Advisers now owns 33,205 shares of the company’s stock worth $195,000 after buying an additional 5,384 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Virgin Galactic by 19.1% in the fourth quarter. Geode Capital Management LLC now owns 605,362 shares of the company’s stock worth $3,561,000 after buying an additional 97,274 shares in the last quarter. Institutional investors own 46.62% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their price objective on shares of Virgin Galactic from $41.00 to $36.00 and set a “neutral” rating for the company in a report on Monday, March 3rd. Jefferies Financial Group decreased their price objective on shares of Virgin Galactic from $9.00 to $8.00 and set a “buy” rating for the company in a report on Friday. Finally, Susquehanna decreased their price objective on shares of Virgin Galactic from $4.00 to $3.25 and set a “neutral” rating for the company in a report on Thursday, March 13th.

Virgin Galactic Stock Up 43.1%

SPCE opened at $4.80 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 firm has a 50 day moving average price of $3.06 and a 200-day moving average price of $4.70. Virgin Galactic Holdings, Inc. has a twelve month low of $2.18 and a twelve month high of $23.00. The stock has a market capitalization of $170.36 million, a price-to-earnings ratio of -0.28 and a beta of 2.10.

Virgin Galactic (NYSE:SPCE) last announced its earnings results on Thursday, May 15th. The company reported ($2.38) EPS for the quarter, missing analysts’ consensus estimates of ($2.23) by ($0.15). Virgin Galactic had a negative net margin of 3,975.27% and a negative return on equity of 88.09%. The business had revenue of $0.46 million for the quarter, compared to analysts’ expectations of $0.33 million. Equities research analysts forecast that Virgin Galactic Holdings, Inc. will post -16.05 earnings per share for the current year.

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.