Virgin Galactic Holdings Inc. (SPCE) is an aerospace company that develops spacecraft for human travel and tourism. The company designs and builds a program to transport people on multi-day trips that also include views of the Earth from space. Its activities include the design, development, manufacture, ground and flight testing, and maintenance of its space system vehicles.
Virgin Galactic's major shareholders are Adam Bain, Michael A. Colglazier, Michael Patrick Moses, Virgin Investments Ltd., SCH Sponsor Corp. and Vanguard Group Inc.
Virgin Galactic's net income for the last 12 months is -$500.15 million and revenue for the period was $2.31 million. The company's market capitalization as of December 31, 2022 was approximately $955.7 million.
The central theses
- An “insider” shareholder is typically someone who holds an executive position and is a member of the board of directors. However, these shareholders may also include individuals or organizations that own more than 10% of the company's stock.
- Virgin Galactic's three largest insider shareholders are Adam Bain, Michael A. Colglazier and Michael Patrick Moses.
- Vanguard Group is Virgin Galactic's largest institutional shareholder, holding 19.9 million shares at the end of 2022.
Top 3 Individual Insider Shareholders
The shares owned by individual insider shareholders are those held directly. Stocks mentioned here do not include those held indirectly or stocks accessible through stock options.
Company insiders are required to file an SEC Form 4 whenever they buy or sell what is deemed a material amount of company stock.
“Insider” refers to senior executives and members of the Board of Directors, as well as any person or entity owning more than 10% of the Company's stock. In this context, it has nothing to do with insider trading.
Adam Bain owned a total of 1.2 million shares of Virgin Galactic stock as of June 2022, representing approximately 0.42% of the company's total outstanding shares. He is an independent director for Virgin Galactic. Bain is also a director of Social Capital Hedosophia Holdings Corp. (IPOF), which focuses on investing in technology companies. Hedosophia Holdings is a Special Purpose Acquisition Company (SPAC), also known as a “blank check” company.
Bain previously served as Chief Operating Officer (COO) of Twitter Inc. (TWTR) before Elon Musk bought the company and transformed it into X Corp. passed. Previously, he was with News Corp for 13 years. (NWSA), where he served as President of Fox Audience Network. In addition to his directorships, he is a board member of the online apparel marketplace GOAT Group.
Michael A Colglazier
Michael A. Colglazier owns 1,111,789 shares of Virgin Galactic stock as of March 2023, representing 0.39% of the company's total outstanding shares. Colglazier joined the company in 2020. He is Chief Executive Officer (CEO). His focus is on developing the company's space expertise and leading the strategy that includes the construction of the company's future spacecraft fleet.
He worked at The Walt Disney Company (DIS) for more than three decades before joining Virgin Galactic. During his time at Disney, he was President and CEO of Disney Parks International and before that President of Disneyland Resort in Southern California.
Michael Patrick Moses
Michael Patrick Moses owned a total of 369,714 Virgin Galactic shares as of February 28, 2022, representing 0.10% of the company's total outstanding shares. He is the company's President of Space Missions and Security and is responsible for ensuring the security and success of Virgin Galactic's space operations. This includes vehicle handling for the VMS Eve and SpaceShipTwo spacecraft, flight planning, astronaut training and flight crew operations.
Moses joined the company after spending over a decade at NASA. Between 2008 and 2011 he worked as NASA's Launch Integration Manager at Kennedy Space Center in Florida. He has also served as Chairman of the Mission Management Team, Flight Director at Johnson Space Center, and Air Traffic Controller in the Shuttle Propulsion and Electrical Systems Group.
Top 3 institutional shareholders
Institutional investors hold approximately 35% of Virgin Galactic's total outstanding shares.
Vanguard Group, Inc.
The Vanguard Group owns 19.9 million shares of Virgin Galactic. This represented 7.13% of the total shares outstanding as of December 30, 2022. The firm is primarily a mutual fund and ETF manager with more than $7 trillion in assets under management (AUM) worldwide. One of the Vanguard funds that owns shares of Virgin Galactic is the Vanguard Russell 1000 Growth ETF (VONG), which has total assets under management of $82.0 billion. Virgin Galactic owns 0.02% of VONG.
BlackRock Inc. states that it is “one of the world's leading providers of investment, advisory and risk management solutions”. As of March 31, 2023, the Company owned 20,320,988 Class A shares of Virgin Galactic Holdings Inc. valued at $82,300,001. This is an increase from 19.6 million shares at the end of 2022. The shares were worth $85,957,779 at the time.
State Street Corp
State Street describes itself as a money manager. It provides investment research, services and management to institutional investors. State Street Corp's disclosed ownership of Virgin Galactic as of February 3, 2023 was 17,308,278 shares. This corresponds to a share of 6.3% with a total value of 60.23 million US dollars.