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Virgin Galactic Holdings (SPCE)

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Munnybunny
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Re: Virgin Galactic Holdings (SPCE)

Bericht door Munnybunny »

Kijk eens naar Musk .. hij haalt 1,9 miljard op voor SpaceX

Virgin Galactic Is Less Risky Following a Massive Share Offering


Virgin Galactic (NYSE:SPCE) stock has fallen back to Earth.

A few weeks ago, it appeared that Virgin Galactic was launching again; shares had advanced from $16 to $25 and seemed to set to challenge the highs from this spring. That rally fizzled, however, on news that the company was doing a massive capital raise. Now the stock has slipped back to $18.

And sure, I know no one likes share dilution. Virgin Galactic hit investors with a rather large offering, and it’s understandable why the stock has slumped. However, in this case, investors are reacting too negatively.


The truth is the company needed money as it advances toward commercial flights and now it has it. This is a big step forward for the company’s long-term vision, even if it’s painful in the short term.


Virgin Galactic’s Financial Situation
On Aug. 10, Virgin Galactic announced that it had successfully closed its proposed public stock offering. The company sold 23.6 million shares of SPCE stock for $19.50 a pop. As a result, the company will obtain nearly $460 million in proceeds.

As of June 30, Virgin Galactic had $360 million in cash and a smattering of other current assets as well. So, you might ask, why the rush to raise money? Since the company’s founding, Virgin Galactic has lost $240 million over the course of operations. However, it has sharply ramped up expenses over the past six months as it moves toward commercial operations.

Last quarter alone, Virgin Galactic recorded an operating loss of $63 million. Its research and development budget of $37 million for the second quarter accounted for the majority of expenses. At a pace of $60 million in operating losses a quarter, Virgin Galactic would only have had cash to make it through the end of 2021, give or take a few months.

That could have been cutting it close. The company plans to fly Richard Branson in a demonstration voyage next year, followed by the launch of commercial service thereafter. However, any slips in the timeline could have pushed revenues into 2022 and left the company with a cash shortfall.

Now, with $800 million in cash on hand following the secondary, Virgin Galactic should be self-funding until 2023 even if revenues take longer to start up than expected.

Virgin Galactic Is Now a Serious Company

At the time of Virgin Galactic’s trading debut earlier this year, many analysts mocked the company. Virgin Galactic had an unknown business model, no revenues, and not much scientific proof that its space vehicles are safe or economically justifiable.

The fact that the company came public via the often-dodgy special purpose acquisition vehicle (SPAC) route only added to the doubts. Why couldn’t a Richard Branson-backed company find investment banks willing to underwrite a traditional initial public offering?

That skepticism was all logical. However, to Virgin Galactic’s credit, it has now solved for several of these concerns.

The balance sheet is no longer a major flaw. With the more than $400 million that it just pulled in, Virgin Galactic has plenty of capital for mounting a credible research & development effort. There’s no guarantee that Virgin Galactic can outcompete the likes of SpaceX but it’s now deservedly in the same conversation.

Further to that, Virgin Galactic also brought in a top-notch chief executive officer. Previous CEO George Whitesides was a reasonable leader but didn’t have much in the way of compelling private company experience. The company’s new leader, however, is Michael Colglazier.

Colglazier worked for Disney (NYSE:DIS) for 30 years, and last headed their international parks division. That was a plum post, and his willingness to give it up and take over the reins at unproven Virgin Galactic is a strong vote of confidence.

SPCE Stock Verdict

There are two sides to Virgin Galactic’s recent stock offering. On the one hand, yes, it was a huge slug of dilution. In offering that much stock, Virgin Galactic heavily watered-down existing shareholders. That, in turn, is going to keep a ceiling on Virgin Galactic’s stock price in coming months. It will take a while for the market to digest such a big block of new stock.

On the other hand, the funding issue is gone. That was a major risk factor and now it’s dealt with.

Admittedly, this isn’t a stock I have much interest in buying. At this point, SPCE stock looks more like a venture capital play than a normal public company. It’s simply too early along in the business model to reliably determine whether or not this is going to be a winner.

Does the technology work flawlessly, and will there be sufficient commercial demand if it does? We’re just speculating at this point.


However, if you were on the fence about owning Virgin Galactic before, this capital raise might tip the scales in favor of a buy. With the company now cashed up for years, the risk of near-term hiccups is greatly reduced. The team now has enough cash to focus on building the company for the long haul.

Virgin Galactic is a promising long-term story. I have no idea if it will pan out, but with the balance sheet now looking good, it’s not a bad speculative bet.
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Re: Virgin Galactic Holdings (SPCE)

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Virgin Galactic initiated with an Outperform at Cowen Cowen analyst Oliver Chen initiated coverage of Virgin Galactic with an Outperform rating and $22 price target. A "remarkable" backlog of demand for commercial spaceflight combined with the company's vertically integrated capabilities can drive "high-margin" revenue generation for Virgin commencing in the second half of 2021, Chen tells investors in a research note. Cowen's survey underscores a "large" addressable market with high long-term engagement and awareness, adds the analyst.

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Re: Virgin Galactic Holdings (SPCE)

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Here's When Virgin Galactic Could Go From Zero To $1 Billion

Virgin Galactic (SPCE) could see its revenue hitting $1 billion in the next 10 years from nothing today, analysts estimated Monday as they size up the space tourism market. Virgin Galactic stock rose.


Cowen analysts initiated coverage on SPCE stock Monday with an outperform rating and 22 price target, saying it "is uniquely positioned to benefit from the growing consumer interest toward luxury experiences, especially among high-net-worth individuals."

Cowen sees commercial spaceflights boosting Virgin Galactic's revenue to $1 billion by 2030. The company currently has no revenue as commercial service has yet to begin.


But based on a Cowen survey, analysts see a total addressable market of 2.4 million people with a net worth of more than $5 million globally. Cowen then estimates Virgin Galactic can potentially fly about 3,400 passengers per year to suborbital space by 2030.

Additionally, those forecasts don't include another business opportunity: space tourism flights to orbital space.

"Of note, SPCE is also likely to conduct orbital spaceflights, such as traveling to the International Space Station, which targets individuals with a net worth of $50 million+," Cowen added.


Analysts noted that Virgin Galactic has a contract with NASA to provide an orbital astronaut training program and take on the role of broker to find customers and organize transportation.

Spacecraft options for reaching the space station include the SpaceX Crew Dragon, Boeing's Starliner, and Russia's Soyuz.


Hypersonic Market Seen Boosting Virgin Galactic Stock
Shares climbed 2.5% to close at 17.90 on the stock market today. Boeing (BA) shares fell 2.3%. Boeing's venture capital arm HorizonX has a $20 million minority stake in Virgin Galactic.

Cowen analysts also see an even bigger opportunity in high-speed point-to-point travel that could disrupt the airline industry. They estimate total market of roughly $1 trillion, translating to $200 billion in sales for Virgin Galactic by 2050.

Point-to-point travel "is in very early innings but we believe the company has the resources, capital, and experience to pursue this business line."

Virgin Galactic said in February that it sees a "huge opportunity" to apply high-speed global mobility technology to reduce travel time. Then-CEO George Whitesides told CNBC at that time the company wants to integrate its vehicle into national airspace systems, allowing it to land at airports and link to local transport networks.
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Re: Virgin Galactic Holdings (SPCE)

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Virgin Galactic plans next test spaceflight for Oct. 22 as it nears flying founder Richard Branson


KEY POINTS
Virgin Galactic plans to conducts its next crewed spaceflight test on Oct. 22 from Spaceport America in New Mexico.
The flight will be the first of two that the space tourism company has planned to complete testing of its SpaceShipTwo spacecraft system and should have just two test pilots on board.
If the next two test spaceflights succeed, Virgin Galactic has said it plans to fly founder Sir Richard Branson in the first quarter of 2021.

Virgin Galactic plans to conducts its next crewed spaceflight test on Oct. 22, according to documents the company filed with the Federal Communications Commission on Tuesday.

The flight will be the first of two that the space tourism company has planned to complete testing of its SpaceShipTwo spacecraft system and should have just two test pilots on board. Virgin Galactic said last month that the second test spaceflight will then have four "mission specialists" inside the cabin. If both test flights succeed, Virgin Galactic expects to fly founder Sir Richard Branson in the first quarter of 2021 – a milestone that will mark the beginning of the company's commercial tourism service.


Shares of Virgin Galactic closed down 3.7% on Friday at $15.92 a share.


Virgin Galactic
A Virgin Galactic spokesperson confirmed the filing's accuracy but noted that the Oct. 22 date marks the beginning of a flight window, so the launch may happen in the days following. Before the Oct. 22 spaceflight, Virgin Galactic said in the filing that it plans to conduct four-hour test flights of the spacecraft's carrier aircraft WhiteKnightTwo, with those flights scheduled for Oct. 1 and Oct. 7.

Virgin Galactic's next spaceflight will be its first from the company's operating base at Spaceport America in New Mexico. It will also be Virgin Galactic's first spaceflight since February 2019, when the company launched chief astronauts trainer Beth Moses as the spacecraft's first test passenger.
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Re: Virgin Galactic Holdings (SPCE)

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What Is The Ownership Structure Like For Virgin Galactic Holdings, Inc. (NYSE:SPCE)?

,Simply Wall St.•September 4, 2020

A look at the shareholders of Virgin Galactic Holdings, Inc. (NYSE:SPCE) can tell us which group is most powerful. Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. We also tend to see lower insider ownership in companies that were previously publicly owned.

With a market capitalization of US$3.9b, Virgin Galactic Holdings is rather large. We'd expect to see institutional investors on the register. Companies of this size are usually well known to retail investors, too. In the chart below, we can see that institutions own shares in the company. Let's delve deeper into each type of owner, to discover more about Virgin Galactic Holdings.

Check out our latest analysis for Virgin Galactic Holdings

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What Does The Institutional Ownership Tell Us About Virgin Galactic Holdings?
Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index.

As you can see, institutional investors have a fair amount of stake in Virgin Galactic Holdings. This suggests some credibility amongst professional investors. But we can't rely on that fact alone since institutions make bad investments sometimes, just like everyone does. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Virgin Galactic Holdings, (below). Of course, keep in mind that there are other factors to consider, too.

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Hedge funds don't have many shares in Virgin Galactic Holdings. Our data shows that Virgin Group Holdings Limited is the largest shareholder with 27% of shares outstanding. SCH Sponsor Corp. is the second largest shareholder owning 6.7% of common stock, and Aabar Space, Inc. holds about 6.4% of the company stock.

We also observed that the top 7 shareholders account for more than half of the share register, with a few smaller shareholders to balance the interests of the larger ones to a certain extent.

While studying institutional ownership for a company can add value to your research, it is also a good practice to research analyst recommendations to get a deeper understand of a stock's expected performance. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.

Insider Ownership Of Virgin Galactic Holdings
While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Shareholders would probably be interested to learn that insiders own shares in Virgin Galactic Holdings, Inc.. This is a big company, so it is good to see this level of alignment. Insiders own US$191m worth of shares (at current prices). It is good to see this level of investment by insiders. You can check here to see if those insiders have been buying recently.

General Public Ownership
With a 35% ownership, the general public have some degree of sway over Virgin Galactic Holdings. While this group can't necessarily call the shots, it can certainly have a real influence on how the company is run.

Private Company Ownership
Our data indicates that Private Companies hold 40%, of the company's shares. It might be worth looking deeper into this. If related parties, such as insiders, have an interest in one of these private companies, that should be disclosed in the annual report. Private companies may also have a strategic interest in the company.

Next Steps:
It's always worth thinking about the different groups who own shares in a company. But to understand Virgin Galactic Holdings better, we need to consider many other factors. Be aware that Virgin Galactic Holdings is showing 3 warning signs in our investment analysis , you should know about...

If you are like me, you may want to think about whether this company will grow or shrink. Luckily, you can check this free report showing analyst forecasts for its future.
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Re: Virgin Galactic Holdings (SPCE)

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Re: Virgin Galactic Holdings (SPCE)

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Virgin krijgt nog eens vleugels +12%.
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Re: Virgin Galactic Holdings (SPCE)

Bericht door Banner »

Munnybunny schreef:
08 sep 2020 18:56
Virgin krijgt nog eens vleugels +12%.
+15%
Niets doen niets goeste!

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Re: Virgin Galactic Holdings (SPCE)

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Virgin Galactic (SPCE) Rebounds
Analyst foresees $38B space tourism industry

By JUSTIN KUEPPER
Updated Sep 8, 2020
Virgin Galactic Holdings, Inc. (SPCE) shares rose more than 5% during Tuesday's session after UBS initiated coverage on the stock and predicted that a $38 billion per year space tourism industry would emerge by 2030.

KEY TAKEAWAYS
UBS initiated coverage on Virgin Galactic with a Buy rating and a $25.00 price target, saying that the company is uniquely positioned over the next five years.
The analyst believes that commercial space tourism could become a $38 billion per year business by 2030 and that Virgin Galactic is well positioned.
The company will launch two test flights this year before a planned launch of its space tourism business in 2021.
UBS initiated coverage of Virgin Galactic stock at Buy with a $25.00 price target. Analyst Myles Walton believes that the company is positioned as the only way for customers to gain entry into the 560-member astronaut club within the next five years. Furthermore, Walton believes that the company's unique brand will create a compelling curated experience.


When setting a stock's price target, an analyst is trying to determine what the stock is worth and where the price will be in 12 or 18 months. Ultimately, price targets depend on the valuation of the company that's issuing the stock.
Earlier this month, Virgin Galactic announced the first of two test flights for its SpaceShipTwo system. Oct. 22 marks the beginning of a flight window for a launch from its Spaceport America in New Mexico. If the two flights are successful, the company plans to fly Sir Richard Branson in the first quarter of 2021 to mark the start of its space tourism business.


TradingView.com
From a technical standpoint, the stock fell nearly 40% from its highs in mid-July to around $15.00 per share before rebounding during today's session. The relative strength index (RSI) appears neutral with a reading of 42.45, while the moving average convergence divergence (MACD) is trending sideways. These indicators provide few hints into future price direction but suggest that there is room for further upside ahead.


Traders should watch for a breakout from the 200-day moving average at $16.93 over the coming sessions and a move toward the 50-day moving average at $19.32. If the stock breaks down, traders could see a move to retest prior lows of $14.83 or lows of around $9.00 made in March during the height of the COVID-19 pandemic.

The Bottom Line
Virgin Galactic shares moved sharply higher during Tuesday's session after UBS initiated the stock with a Buy rating and a $25.00 price target. The analyst believes that space tourism could become a $38 billion per year business by 2030 and sees the company as well positioned as it gears up for a commercial launch next year.

The author holds no position in the stock(s) mentioned except through passively managed index funds.

:o
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Re: Virgin Galactic Holdings (SPCE)

Bericht door Zechs »

Is het eigenlijk wel moreel verantwoord om reizen naar de 'ruimte' te doen? Hoeveel co2-productie wordt er niet geproduceerd bij al die (test)vluchten? Welk hautaine gedrag is het niet dat iemand 250.000 dollar betaald om een reisje te kunnen maken terwijl er zoveel ongelijkheid en armoede is in de wereld. Perverse uitwassen van het kapitalisme.
I sense there's something in the wind
That feels like tragedy's at hand
And though I'd like to stand by him
Can't shake this feeling that I have
The worst is just around the bend

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