Virgin Galactic shares rose on Tuesday, even after news of Abu Dhabi's sovereign-wealth fund reducing its holding in the space-tourism company and Susquehanna analysts downgrading the stock.
According to a regulatory filing, Mubadala Investment, Abu Dhabi's sovereign-wealth fund, pared its stake in the company to 11.8 million shares ( 5.04%), from 14.9 million shares (7.08%). But Mubadala remains Virgin's third largest shareholder, according to S&P Capital.
Virgin Galactic’s shares was downgraded to neutral from positive by Susquehanna analysts. Their price target on the shares $32 a share, indicating potential 5.2% downside from the shares' Friday closing price.
Virgin announced in December that shareholders may sell up to nearly 113 million shares following the end of a lockup period.