Virgin Galactic Sees Unusually High Options Volume (NYSE:SPCE)

Virgin Galactic Holdings, Inc. (NYSE:SPCE) was the recipient of some unusual options trading activity on Wednesday. Stock traders purchased 18,853 call options on the company. This represents an increase of 78% compared to the typical daily volume of 10,570 call options.

Virgin Galactic Stock Up 0.7 %

Shares of SPCE traded up $0.03 during midday trading on Wednesday, hitting $3.43. 1,229,925 shares of the company’s stock traded hands, compared to its average volume of 1,804,872. Virgin Galactic has a 1 year low of $3.27 and a 1 year high of $36.60. The firm’s fifty day moving average is $4.98 and its 200-day moving average is $6.04. The company has a current ratio of 4.52, a quick ratio of 4.52 and a debt-to-equity ratio of 1.15. The stock has a market capitalization of $98.90 million, a price-to-earnings ratio of -0.20 and a beta of 2.16.

Analyst Upgrades and Downgrades

Separately, The Goldman Sachs Group reduced 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 note on Monday. Two research 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’s stock. Based on data from MarketBeat, Virgin Galactic has an average rating of “Hold” and a consensus price target of $20.40.

Institutional Investors Weigh In On Virgin Galactic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SPCE. Steward Partners Investment Advisory LLC boosted its stake in Virgin Galactic by 97.2% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,943 shares of the company’s stock worth $47,000 after purchasing an additional 3,916 shares in the last quarter. Quarry LP purchased a new position in shares of Virgin Galactic in the third quarter worth $49,000. Virtu Financial LLC acquired a new stake in shares of Virgin Galactic during the third quarter worth $70,000. Summit Securities Group LLC purchased a new stake in shares of Virgin Galactic during the fourth quarter valued at $71,000. Finally, Corebridge Financial Inc. increased its position in shares of Virgin Galactic by 28.8% in the 4th quarter. Corebridge Financial Inc. now owns 13,172 shares of the company’s stock valued at $77,000 after acquiring an additional 2,942 shares during the period. 46.62% of the stock is currently owned by hedge funds and other institutional investors.

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.