Virgin Galactic Holdings Inc. (SPCE) is an aerospace company that develops spacecraft for human travel and tourism. The company is designing and building a program for transporting humans on multi-day trips that include views of Earth from space. Its operations include designing, developing, manufacturing, ground and flight testing, and maintenance of its spaceflight system vehicles.
The top shareholders of Virgin Galactic are Adam Bain, Michael A. Colglazier, Michael Patrick Moses, Virgin Investments Ltd., SCH Sponsor Corp., and Vanguard Group Inc.
Virgin Galactic’s 12-month trailing net income is -$500.15 million and it posted $2.31 million in revenue during that period. The company’s market cap was about $955.7 million as of Dec. 31, 2022.
Key Takeaways
- An “insider” shareholder is typically one who is in a senior management position and is a member of the board of directors, but these shareholders can also include people or entities that own more than 10% of the company’s stock.
- Virgin Galactic’s top three individual insider shareholders are Adam Bain, Michael A. Colglazier, and Michael Patrick Moses.
- Vanguard Group is Virgin Galactic’s top institutional shareholder, holding 19.9 million shares at the close of 2022.
Top 3 Individual Insider Shareholders
The shares owned by individual insider shareholders are those that are held through direct ownership. Shares mentioned here don’t include those that are held indirectly or shares that are accessible through stock options.
Company insiders must file an SEC Form 4 every time they buy or sell an amount of the company’s stock that is deemed to be material.
“Insider” refers to people in senior management positions and members of the board of directors, as well as people or entities that own more than 10% of the company’s stock. In this context, it has nothing to do with insider trading.
Adam Bain
Adam Bain owned a total of 1.2 million Virgin Galactic shares as of June 2022, representing about 0.42% of the company’s total shares outstanding. He’s an independent director for Virgin Galactic. Bain is also a director of Social Capital Hedosophia Holdings Corp. (IPOF), which is focused 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 the chief operating officer (COO) of Twitter Inc. (TWTR), before Elon Musk purchased the company and folded it into X Corp. He spent 13 years at News Corp. (NWSA) before that where he worked as president of the Fox Audience Network. He serves as a member of the board of the online apparel marketplace GOAT Group in addition to his director roles.
Michael A. Colglazier
Michael A. Colglazier owns a total of 1,111,789 Virgin Galactic shares as of March 2023, representing 0.39% of the company’s total shares outstanding. Colglazier joined the company in 2020. He’s chief executive officer (CEO). His focus is on developing the company’s space experience and leading the strategy involving the construction of the company’s future fleet of spacecraft.
He worked for more than three decades with The Walt Disney Company (DIS) before joining Virgin Galactic. While at Disney, he spent time serving as president and managing director of Disney Parks International and as president of The Disneyland Resort in Southern California before that.
Michael Patrick Moses
Michael Patrick Moses owned a total of 369,714 Virgin Galactic shares as of Feb. 28, 2022, representing 0.10% of the company’s total shares outstanding. He’s the company’s president for space missions and safety, in charge of ensuring the safety and success of Virgin Galactic’s spaceline operations. This includes vehicle processing for the VMS Eve and SpaceShipTwo space vehicles, flight planning, astronaut training, and flight crew operations.
Moses joined the company after spending over a decade at NASA. He worked as NASA’s launch integration manager at the Kennedy Space Center in Florida between 2008 and 2011. He also spent time as chair of the Mission Management Team, as a flight director at the Johnson Space Center, and as a flight controller in the Shuttle Propulsion and Electrical Systems Group.
Top 3 Institutional Shareholders
Institutional investors hold approximately 35% of Virgin Galactic’s total shares outstanding.
Vanguard Group, Inc.
Vanguard Group owns 19.9 million shares of Virgin Galactic. This represented 7.13% of total shares outstanding as of Dec. 30, 2022. The company is primarily a mutual fund and ETF management company with more than $7 trillion in global assets under management (AUM). One of Vanguard’s funds that holds shares of Virgin Galactic is the Vanguard Russell 1000 Growth ETF (VONG), which has a total of $82.0 billion in AUM. Virgin Galactic holds 0.02% of VONG.
BlackRock Inc.
BlackRock Inc. indicates that it’s “one of the world’s leading providers of investment, advisory and risk management solutions.” It owned 20,320,988 shares of Virgin Galactic Holdings Inc. Class A stock valued at $82,300,001 as of March 31, 2023. This is up from 19.6 million shares at the end of 2022. The value of the shares was $85,957,779 as of that date.
State Street Corp
State Street bills itself as an asset manager. It provides investment research, servicing and management to institutional investors. State Street Corp’s disclosed ownership of Virgin Galactic was 17,308,278 shares as of February 3, 2023. This accounts for 6.3% ownership at a total value of $60.23 million.