Traders Purchase High Volume of Put Options on Virgin Galactic (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCE) was the target of some unusual options trading activity on Tuesday. Stock investors bought 42,774 put options on the company. This represents an increase of 206% compared to the average volume of 13,963 put options.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Truist Financial cut their price target on shares of Virgin Galactic from $3.00 to $2.00 and set a “hold” rating for the company in a research report on Wednesday, February 28th. Wells Fargo & Company decreased their price target on Virgin Galactic from $1.75 to $1.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $2.30.

Virgin Galactic Trading Down 1.7 %

SPCE stock traded down $0.02 on Tuesday, reaching $0.87. The company’s stock had a trading volume of 9,722,015 shares, compared to its average volume of 11,757,450. The firm has a market cap of $347.47 million, a PE ratio of -0.55 and a beta of 1.60. The business has a fifty day simple moving average of $1.38 and a two-hundred day simple moving average of $1.79. Virgin Galactic has a 12-month low of $0.70 and a 12-month high of $6.17. The company has a debt-to-equity ratio of 0.83, a quick ratio of 5.03 and a current ratio of 5.12.

Virgin Galactic (NYSE:SPCE) last posted its earnings results on Tuesday, February 27th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.05. Virgin Galactic had a negative net margin of 7,387.31% and a negative return on equity of 102.01%. The firm had revenue of $2.81 million during the quarter, compared to analysts’ expectations of $2.99 million. As a group, research analysts forecast that Virgin Galactic will post -0.96 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Axxcess Wealth Management LLC purchased a new position in shares of Virgin Galactic during the fourth quarter valued at approximately $27,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of Virgin Galactic in the 4th quarter worth about $30,000. Optas LLC purchased a new stake in Virgin Galactic during the 4th quarter valued at about $31,000. Ballentine Partners LLC bought a new stake in Virgin Galactic during the 4th quarter valued at about $32,000. Finally, Capital Square LLC purchased a new position in Virgin Galactic in the fourth quarter worth about $34,000. Hedge funds and other institutional investors own 46.62% of the company’s stock.

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.