Virgin Galactic Holdings, Inc. (NYSE:SPCE) Sees Significant Drop in Short Interest

Virgin Galactic Holdings, Inc. (NYSE:SPCE - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 8,670,000 shares, a drop of 27.1% from the March 15th total of 11,900,000 shares. Currently, 25.7% of the company's stock are short sold. Based on an average daily volume of 2,020,000 shares, the days-to-cover ratio is presently 4.3 days.

Institutional Investors Weigh In On Virgin Galactic

Several institutional investors and hedge funds have recently added to or reduced their stakes in SPCE. Federated Hermes Inc. increased its position in shares of Virgin Galactic by 1,246.5% during the 4th quarter. Federated Hermes Inc. now owns 833,664 shares of the company's stock worth $4,902,000 after purchasing an additional 771,749 shares during the last quarter. Millennium Management LLC lifted its stake in Virgin Galactic by 62.0% in the fourth quarter. Millennium Management LLC now owns 946,956 shares of the company's stock valued at $5,568,000 after acquiring an additional 362,421 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Virgin Galactic in the 4th quarter valued at about $715,000. Geode Capital Management LLC increased its stake in shares of Virgin Galactic by 19.1% during the 4th quarter. Geode Capital Management LLC now owns 605,362 shares of the company's stock worth $3,561,000 after purchasing an additional 97,274 shares during the last quarter. Finally, MYDA Advisors LLC acquired a new stake in Virgin Galactic in the 4th quarter valued at about $432,000. 46.62% of the stock is owned by institutional investors.

Virgin Galactic Stock Up 5.9 %

Shares of SPCE traded up $0.15 during mid-day trading on Wednesday, hitting $2.71. 882,008 shares of the company's stock were exchanged, compared to its average volume of 1,853,287. The company has a debt-to-equity ratio of 1.15, a current ratio of 4.52 and a quick ratio of 4.52. Virgin Galactic has a 52 week low of $2.18 and a 52 week high of $28.20. The company has a market cap of $96.28 million, a PE ratio of -0.16 and a beta of 2.11. The company has a 50-day simple moving average of $3.32 and a 200 day simple moving average of $5.19.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Susquehanna decreased their price objective on Virgin Galactic from $4.00 to $3.25 and set a "neutral" rating for the company in a research report on Thursday, March 13th. The Goldman Sachs Group lowered their price objective on shares of Virgin Galactic from $41.00 to $36.00 and set a "neutral" rating for the company in a research report on Monday, March 3rd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $19.85.

Virgin Galactic Company Profile

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.