5 Investors Betting Big on Virgin Galactic (SPCE) Stock in 2023

  • Shares of Virgin Galactic (SPCE) are down 17% today following the company’s earnings release.
  • Alongside its earnings, the company also released a business update, which concludes the company is “on track” to commence commercial flights in Q2.
  • Despite this catalyst, investors are clearly not loving the numbers Virgin Galactic is putting up.
SPCE stock - 5 Investors Betting Big on Virgin Galactic (SPCE) Stock in 2023

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One of the stocks that many investors continue to watch is Virgin Galactic (NYSE:SPCE). Richard Branson’s space tourism company is one with a limited, but storied, past. Over the past couple years, SPCE stock has rocketed into outer space and come back down to earth.

There are many reasons for this volatile price action with the stock. Following the company’s inaugural flight, which included a trip by CEO Richard Branson into outer space, a series of delays with its commercial flight program led to significant selling pressure. This stock went from a high of nearly $60 per share in early 2021 to under $5 per share today. Thus, for many investors, this has been a potential high-growth company that’s been a real portfolio drag.

That said, there is some key news investors may want to keep an eye on. Yesterday, the company announced its full-year 2022 results along with a business update. In this update, the company noted that it still expects “to launch commercial service in the second quarter of 2023.” That said, the company’s numbers ultimately led to significant selling pressure in today’s session. At the time of writing, this stock is down nearly 17%.

Of course, there are some big money investors that are sticking with this name. Let’s dive into who the company’s largest shareholders are, for those so interested.

Top 5 Investors Betting Big on SPCE Stock

At the time of writing, SPCE stock is trading at $4.76 per share. These are the five largest institutional holders of this stock, as of Mar. 1:

  • Vanguard owns 19.98 million shares, or approximately 7.28% of the company.
  • Blackrock (NYSE:BLK) owns 19.68 million shares, or approximately 7.17% of the company.
  • State Street (NYSE:STT) owns 17.31 million shares, or approximately 6.30% of the company.
  • Geode Capital Management owns 4.29 million shares, or approximately 1.56% of the company.
  • Morgan Stanley (NYSE:MS) owns 2.45 million shares, or approximately 0.89% of the company.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

Article printed from InvestorPlace Media, https://investorplace.com/2023/03/5-investors-betting-big-on-virgin-galactic-spce-stock-in-2023/.

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