Virgin Galactic falls as Richard Branson cashes in on shares
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Richard Branson is cashing in on the space boom, which for investors may be getting long in the tooth.
The British billionaire and founder of Virgin Galactic sold a chunk of shares over several days this week worth around $313 million based on the average selling price.
From Aug. 10 to Aug. 12, he "disposed of 10,416,000 shares of Common Stock in a series of transactions at prices ranging from $25.21 to $34.76 per share in open market transactions on the New York Stock Exchange," according to a filing with the SEC.
|SPCE||VIRGIN GALACTIC HOLDINGS INC.||25.83||-0.12||-0.46%|
Branson's unloading of the stock corresponds with a bearish call on the company from Morgan Stanley analyst Kristine Liwag, who on Monday told clients Virgin Galactic shares may return to a price target of $25 as the company transitions from a "catalyst-rich period" to a prolonged period of no flights. The stock's move would imply a 20% drop from recent levels of $31.33 per share.