VIRGIN GALACTIC HOLDINGS INC (SPCE-N)

Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
9.88 (USD) 14.0M 57.51 -- -- -45.3% 3.6% 2.1%
2022 March 31 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NEW YORK Exchange
2.4B 6.70 -- -- 3M 34.3% -26.2%

AVERAGE SCORE
NEGATIVE OUTLOOK: SPCE is currently Score Averages
among a group of 316 stocks awarded our lowest Aerospace & Defense Group: 5.5 Mid Market Cap: 6.0
score of 1. Industrial Goods Sector: 5.4 S&P 500 Index: 6.6

Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AVAV 1 1 2 5 5
ASTR NR 4 3 4 4
Neutral KTOS 2 4 4 4 4
MNTS 3 3 3 3 3
Negative
SPCE 1 1 1 1 1
2019-03 2020-03 2021-03 2022-03

HIGHLIGHTS I/B/E/S MEAN

- The score for Virgin Galactic Holdings Inc has been on a
negative trend from 3 to 1 over the past 39 weeks. Hold Mean recommendation from all analysts covering
12 Analysts the company on a standardized 5-point scale.
- In the past 3 years, the best score was 6 on 2019-12-29, and
the worst score was 1 on 2022-03-27.
Strong Strong
Sell Hold Buy
Sell Buy

PRICE AND VOLUME CHARTS

1-Year Return: -67.7% 5-Year Return: --

BUSINESS SUMMARY
Virgin Galactic Holdings, Inc. is an aerospace company. The Company is focused on the development, manufacture and operations of spaceships and
related technologies for the purpose of conducting commercial human spaceflight and flying commercial research and development payloads into
space. The Company's assets include its carrier aircraft, the mothership, which is a twin-fuselage, custom-built aircraft designed to carry its spaceships
up to an altitude of approximately 45,000 feet, where the spaceship is released for its flight into space; its spaceship platform is a reusable spaceship
with the capacity to carry two pilots and up to six future astronauts into space before returning them safely to the Earth's surface; its hybrid rocket motor
is designed to provide performance capabilities necessary for spaceflight with a focus on safety, reliability and economy; its Spaceport America is a
commercial spaceport, which includes space terminal, hangar facilities and a 12,000 foot runway.

Page 1 of 12
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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

OPTIMIZED SCORE
Historically, companies with an Optimized Score
of 1 have tended to significantly underperform
the market over the following 12-month period.
PEER ANALYSIS
As an alternative approach to equally weighting each of the six factors, independent
research firm, Verus Analytics, conducted a backtest to empirically determine an
optimal factor blend. Results and weighting vary across four different market
capitalization categories. For large/mid cap stocks, Fundamental and Earnings
historically provided the most explanatory power among the factors and are weighted
heavily in the Optimized Score. Among the small/micro cap universe, Insider Trading
joined Fundamental and Earnings as the most significant factors to explain returns.
Currency in USD

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2022-03-31) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
5 ATI 26.84 4.3% 68.5% 27.4% 3.6B -- 27.8 -- -1.4% -- Buy 10
6 AJRD 39.35 1.5% -15.8% -16.2% 3.2B 22.6 20.3 -- 6.5% -- Buy 4
7 MOG'A 87.80 5.6% 8.4% 5.6% 2.6B 17.1 15.7 1.2% 5.7% -- Buy 4
4 KTOS 20.48 -2.1% 5.6% -24.9% 2.6B -- 54.3 -- -0.2% -- Buy 12
5 AVAV 94.14 32.5% 51.8% -18.9% 2.5B 98.1 61.2 -- -0.1% 18.2% Buy 9
1 SPCE 9.88 2.1% -26.2% -67.7% 2.4B -- -- -- -10720% 3.6% Hold 11
NR VORB 7.30 2.0% -9.2% -- 2.3B -- -- -- -- -- Buy 1
7 AIR 48.43 7.8% 24.1% 16.3% 1.8B 25.2 16.1 -- 3.8% -- Buy 3
6 TGI 25.28 1.0% 36.4% 37.5% 1.7B -- 22.5 -- -6.9% -- Buy 8
4 ASTR 3.86 10.9% -44.3% -67.3% 835M -- -- -- -- -32.7% Hold 2
3 MNTS 3.19 38.7% -23.7% -75.9% 245M 1.9 -- -- 36562% -- Buy 1
4.8 Average 33.32 9.5% 6.9% -18.4% 2.2B 33.0 31.1 1.2% 2872% -3.6% Buy 5.9

PEER COMPANIES
AIR AAR Corp KTOS Kratos Defense and Security
AJRD Aerojet Rocketdyne Holdings MNTS Momentus Inc
ASTR Astra Space Inc MOG'A Moog Inc
ATI Allegheny Technologies Inc TGI Triumph Group Inc
AVAV AeroVironment Inc VORB Virgin Orbit Holdings Inc

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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

EARNINGS Currency in USD

NEGATIVE OUTLOOK: Weak earnings with Earnings Score Averages

recent analyst downgrades or a history of Aerospace & Defense Group: 5.4 Mid Market Cap: 6.1
missing consensus estimates. Industrial Goods Sector: 5.8 S&P 500 Index: 6.7

Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AVAV 5 2 5 10 10
KTOS 4 6 4 3 5
Neutral ASTR NR NR 3 3 3
SPCE 1 2 2 1 2
Negative
MNTS NR NR NR NR NR
2019-03 2020-03 2021-03 2022-03

EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)

AVAV
AVAV AVAV
KTOS

ASTR
KTOS
SPCE

ASTR
SPCE MNTS
KTOS

ASTR MNTS
MNTS SPCE

Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (>2%) 1 # Up Revisions 0 # Broker Upgrades 0
# Negative Surprises (<-2%) 3 # Down Revisions 1 # Broker Downgrades 0
# In-Line Surprises (within 2%) 0 Avg Up Revisions 0.0%
Avg Surprise -18.2% Avg Down Revisions -8.3%

HIGHLIGHTS PRICE TARGET

- Virgin Galactic Holdings Inc currently has an Earnings Rating of 2, The chart indicates where analysts predict the stock price will be within
which is significantly more bearish than the Aerospace & Defense the next 12 months, as compared to the current price.
industry average of 5.4.
36.00 HIGH 12-Month Price Target
- Over the past 90 days, the consensus price target for SPCE has Mean (USD) 15.60
decreased notably from 27.00 to 15.60, a loss of -42.2%. 30.00
High 36.00
24.00
- SPCE's current quarter consensus estimate has remained relatively Low 8.40
unchanged over the past 90 days at -0.32. Estimates within its 18.00 Target vs. Current 57.9%
MEAN
industry have moved an average of -4.0% during the same time 9.88
12.00 # of Analysts 11
period. LOW
6.00
Current Price Price Target
(USD)

Page 3 of 12
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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

EARNINGS PER SHARE

Actuals Estimates
-0.100

Earnings per share (EPS) is calculated -0.200 Quarterly 22-03 22-06

by dividing a company's earnings by the -0.320 -0.310
HIGH Mean -0.320 -0.319
number of shares outstanding. Analysts -0.300 MEAN
-0.390
tend to interpret a pattern of increasing LOW High -0.280 -0.280
-0.400
earnings as a sign of strength and flat Low -0.350 -0.360
or falling earnings as a sign of -0.500 -0.550 # of Analysts 9 9
weakness.
-0.600
The charts provide a comparison 21-03 21-06 21-09 21-12 22-03 22-06
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. -0.300

-0.600 HIGH Annual 2022 2023

Mean -1.302 -0.973
-0.900 MEAN
-1.250
High -1.100 -0.550
-1.200 -1.430 Low -1.550 -1.400
LOW
-1.500 # of Analysts 12 12

-1.800
2020 2021 2022 2023

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price I/B/E/S Mean: Hold (12 Analysts)
22-03 22-06 2022 2023 Target
Strong Buy 2
Current -0.320 -0.319 -1.302 -0.973 15.60
30 Days Ago -0.311 -0.311 -1.267 -1.007 18.20 Buy 2
90 Days Ago -0.325 -0.327 -1.297 -1.079 27.00 Hold 5
% Change (90 Days) 1.5% 2.4% -0.4% 9.8% -42.2%
Sell 3
Current Fiscal Year End: 22-12
Strong Sell 0
Next Expected Report Date: 2022-05-09

EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2022-02-22 2021-12-31 -0.310 -0.345 10.1%
Negative 2021-11-08 2021-09-30 -0.320 -0.280 -14.3%
Surprise Type Amount Percent
Negative 2021-08-05 2021-06-30 -0.390 -0.329 -18.5%
Positive Quarters (> 2%) 1 12.5%
Negative 2021-05-10 2021-03-31 -0.550 -0.274 -100.7%
Negative Quarters (< -2%) 6 75.0%
In-Line 2021-02-25 2020-12-31 -0.310 -0.307 -1.0%
In-Line Quarters (within 2%) 1 12.5%
Negative 2020-11-05 2020-09-30 -0.340 -0.264 -28.8%

ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 100.0M
2022 2023
flat or falling sales and faltering 80.0M
HIGH
earnings may explain a sell Mean 6.2M 43.5M
recommendation. A rising EPS with flat 60.0M High 13.0M 84.0M
or falling sales may result from
increased cost efficiency and margins, 40.0M MEAN Low 1.5M 28.1M
rather than market expansion. This LOW Forecasted Growth 89.6% 1222%
chart shows the sales forecast trend of 20.0M
3.3M # of Analysts 10 11
all analysts and the highest and lowest 238,000
projections for the current and next 0.00
2020 2021 2022 2023
fiscal year.

Page 4 of 12
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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

FUNDAMENTAL
NEGATIVE OUTLOOK: Weak fundamentals Fundamental Score Averages
such as low profit margins, high debt levels, or Aerospace & Defense Group: 4.9 Mid Market Cap: 5.9
falling dividends. Industrial Goods Sector: 5.1 S&P 500 Index: 5.8

Q2 Q3 Q4 Q1
Fundamental Score Trend Peers 2021 2021 2021 2022 Current 3Y Trend
ASTR NR NR NR NR 10
Positive
KTOS NR NR NR NR 6
Neutral MNTS NR NR NR NR 5

Negative SPCE NR NR NR NR 3

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 AVAV 9 8 9 NR 1
2019 2020 2021

FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)

ASTR
MNTS ASTR
SPCE

MNTS
AVAV KTOS KTOS
KTOS

SPCE
SPCE AVAV AVAV
MNTS

ASTR ASTR
AVAV
KTOS
MNTS
SPCE
Revenue Growth 1283% Current Ratio 5.2 Oper. Cash Yield 34.6% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2021-12 ending 2021-12 ending 2021-12 ending --
Gross Margin -258.1% Debt-to-Capital 0.0% Accruals 212.5% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
ending 2021-12 ending 2021-12 ending 2021-12 ending --
Return On Equity -45.3% Interest Funding 0.0% Days Sales In Inv. 40358.7 Dividend Coverage --
For interim period For interim period For annual period For annual period
ending 2021-12 ending 2021-12 ending 2021-12 ending --
Net Margin -10720% Interest Coverage -13464.3 Days Sales In Rec. 29.9 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
ending 2021-12 ending 2021-12 ending 2021-12 ending --

HIGHLIGHTS
- Virgin Galactic Holdings Inc currently has a Fundamental Rating of 3. - The days sales in inventory for SPCE is the highest within its
The average Fundamental Rating for its Aerospace & Defense industry Aerospace & Defense industry.
is 4.8 and the S&P 500 index average is 5.8. - Virgin Galactic Holdings Inc does not currently pay a dividend. Of 62
- The gross margin of -258.1% for SPCE is the lowest within its firms within the Aerospace & Defense industry, it is among the 42
Aerospace & Defense industry. companies without a dividend.
- Of the 59 firms within the Aerospace & Defense industry that have
reported debt-to-capital, Virgin Galactic Holdings Inc is among 20 firms
whose balance sheet is free of long-term debt.

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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

RELATIVE VALUATION
This company does not currently meet the data Relative Valuation Score Averages
requirements to calculate a score for this Aerospace & Defense Group: 4.5 Mid Market Cap: 5.2
component. Industrial Goods Sector: 4.5 S&P 500 Index: 4.4

Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive MNTS NR 8 8 8 8
KTOS 2 2 4 4 4
Neutral AVAV 4 2 2 1 1
ASTR NR NR NR NR NR
Negative
SPCE NR NR NR NR NR
2019-03 2020-03 2021-03 2022-03

RELATIVE VALUATION INDICATORS

Forward PEG Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)

MNTS

KTOS
AVAV AVAV
AVAV

ASTR ASTR ASTR

KTOS KTOS MNTS
MNTS SPCE SPCE
SPCE

Forward PEG -- Trailing PE -- Forward PE --

5-Yr Average -- 5-Yr Average -- 5-Yr Average --
Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. -- Rel. to 5-Yr Avg. --
S&P 500 Index 1.3 S&P 500 Index 1.6 S&P 500 Index 20.3
Rel. to S&P 500 -- Rel. to S&P 500 -- Rel. to S&P 500 --

HIGHLIGHTS
- There is no significant relative valuation data for this company.

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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 796.7 Trailing PE: --
5-Year Average: 20.0 5-Year Average: --
S&P 500 Index Average: 2.8 S&P 500 Index Average: 1.6
Aerospace & Defense Industry Average: 2.1 Aerospace & Defense Industry Average: 41.3
>20 5-Yr Average >50
18 45
16 40
14 35
12 30
10 25
8 20
6 15
4 10
2 5
0 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: -- Forward PEG: --
5-Year Average: -- 5-Year Average: --
S&P 500 Index Average: 20.3 S&P 500 Index Average: 1.3
Aerospace & Defense Industry Average: 25.1 Aerospace & Defense Industry Average: 1.4
>50 >5.0
45 4.5
40 4.0
35 3.5
30 3.0
25 This valuation data is not available 2.5 This valuation data is not available
20 2.0
15 1.5
10 1.0
5 0.5
<0 <0.0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

RISK
NEGATIVE OUTLOOK: Variable return patterns Risk Score Averages
(high volatility). Aerospace & Defense Group: 5.0 Mid Market Cap: 6.2
Industrial Goods Sector: 6.0 S&P 500 Index: 8.1

Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AVAV 3 4 4 4 4
ASTR 1 1 2 3 3
Neutral KTOS 4 6 3 4 3
MNTS 3 3 1 2 1
Negative
SPCE 1 3 2 1 1
2019-03 2020-03 2021-03 2022-03

RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)

ASTR SPCE
AVAV AVAV
AVAV ASTR
KTOS KTOS
KTOS MNTS

ASTR MNTS
SPCE KTOS
MNTS SPCE
MNTS AVAV
SPCE ASTR

Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 2.30 Correlation vs. S&P 500
Best 31.9% Last 90 Days 7.46 Positive Days Only 3.36 Last 90 Days 67%
Worst -18.9% Last 60 Months 26.60 Negative Days Only 2.91 Last 60 Months 9%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 2.46 Correlation vs. Group
Best 86.5% Average 8.2% Positive Days Only 2.73 Last 90 Days 77%
Worst -39.9% Largest 20.7% Negative Days Only 2.08 Last 60 Months 31%

HIGHLIGHTS RISK ANALYSIS

- Virgin Galactic Holdings Inc currently has a Risk Rating of 1, Last 90 Days Last 60 Months
which is significantly below the S&P 500 index average rating Best Worst # # Largest Best Worst
of 8.1. Daily Daily Days Days Intra-Day Monthly Monthly
- On days when the market is up, SPCE shares tends to Peers Return Return Up Down Swing Return Return
outperform the S&P 500 index. However, on days when the SPCE 31.9% -18.9% 29 35 20.7% 86.5% -39.9%
market is down, the shares generally decrease by more than
the index. ASTR 13.6% -26.1% 27 36 70.3% 37.4% -36.8%
- In the short term, SPCE has shown high correlation (> 0.4) with AVAV 14.7% -6.5% 30 34 10.5% 37.5% -23.8%
the S&P 500 index. The stock has, however, shown low
correlation (>= -0.1 and < 0.2) with the market in the long term. KTOS 21.7% -7.8% 31 32 18.5% 42.0% -18.9%
- Over the last 90 days, SPCE shares have been more volatile MNTS 18.8% -18.0% 27 33 22.3% 34.6% -39.3%
than the overall market, as the stock's daily price fluctuations
have exceeded that of 99% of S&P 500 index firms. S&P 500 2.6% -3.0% 27 36 4.4% 12.7% -12.5%

Page 8 of 12
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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

PRICE MOMENTUM Currency in USD

NEGATIVE OUTLOOK: Weak recent price Price Momentum Score Averages

performance or entering historically poor Aerospace & Defense Group: 6.3 Mid Market Cap: 6.3
seasonal period. Industrial Goods Sector: 5.6 S&P 500 Index: 7.1

Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AVAV 3 1 3 10 10
KTOS 2 4 6 8 9
Neutral MNTS 5 1 2 2 3
SPCE 4 3 2 3 3
Negative
ASTR 4 4 2 4 2
2019-03 2020-03 2021-03 2022-03

PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)

AVAV
KTOS
KTOS

ASTR
SPCE AVAV
MNTS

ASTR
SPCE
MNTS

Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
SPCE Industry Avg Apr May Jun
Last 1 Month 52 56 Company Avg -2.7% 9.2% 11.0%
Last 3 Months 45 51 Industry Avg 2.1% 0.1% 2.2%
Last 6 Months 47 51 Industry Rank 78 of 123 50 of 126 49 of 126

PRICE PERFORMANCE
Daily close prices are used to calculate the SPCE SPCE S&P 500
performance of the stock as compared to a
S&P 500 Close Price (2022-03-31) 9.88 4,530
relevant index over five time periods.
52-Week High 57.51 4,797
1.5%
1-Week 52-Week Low 6.70 4,063
0.2%

1-Month
2.1% - Virgin Galactic Holdings Inc has a Price Momentum Rating of
3.6% 3, which is significantly below the S&P 500 index average
rating of 7.1.
-26.2% - On 2022-03-31, SPCE closed at 9.88, 82.8% below its 52-
3-Month
-5% week high and 47.5% above its 52-week low.
-26.2% - SPCE shares are currently trading 12.3% above their 50-day
YTD moving average of 8.80, and 50.1% below their 200-day
-5%
moving average of 19.79.
-67.7%
1-Year
14%

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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

INSIDER TRADING Currency in USD

NEUTRAL OUTLOOK: Mixed transactions by Insider Trading Score Averages

insiders or low volume of trades. Aerospace & Defense Group: 5.3 Mid Market Cap: 4.5
Industrial Goods Sector: 5.2 S&P 500 Index: 4.1

Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend

Positive AVAV 1 2 5 6 6
ASTR NR 4 4 4 4
Neutral SPCE 3 4 4 4 4
MNTS 7 2 3 3 3
Negative
KTOS 1 2 2 2 2
2019-03 2020-03 2021-03 2022-03

INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)

MNTS

AVAV AVAV

ASTR
KTOS
KTOS
MNTS
SPCE

ASTR
SPCE

Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired --
Total Shares Disposed 74,729
There are no insider transactions during this time period. Net Shares -74,729
Sector Average 118,671

HIGHLIGHTS MONTHLY BUYS AND SELLS

- Virgin Galactic Holdings Inc currently has an Insider Trading Rating of BUYS $ Market Value
100
4, while the Aerospace & Defense industry average is 5.31. No insider activity during the past year
50
- Executives at Virgin Galactic Holdings Inc have not purchased or sold Excludes
any shares thus far this quarter. Over the past five years, the average 0 derivative
purchase and sell totals for Q2 have been $1,941 and $0 respectively. and option
50 exercises
100
SELLS
M J J A S O N D J F M A

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
Virgin Investments Strategic 11.9% 30.7M 2021-11-10 Colglazier, Michael A CEO 0.60M 5.01M 2022-01-20
The Vanguard Group Inc Inv Mgmt 6.6% 17.0M 2021-12-31 Moses, Michael Patrick O 0.37M 3.13M 2022-01-25
Mubadala Investment Co Inv Mgmt 4.3% 11.1M 2021-10-19 Campagna, Jonathan Joseph CFO 0.22M 1.88M 2021-02-25
Palihapitiya (Chamath) Strategic 4.1% 10.5M 2021-11-11 Palermo, Enrico Liberato CO 0.19M 1.63M 2020-05-11
BlackRock Institutional Inv Mgmt 3.1% 7.92M 2021-12-31 Ryans, James D 0.10M 0.87M 2020-12-16
Updated daily as of 2022-03-31 Updated monthly as of 2022-02-20

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VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense
DETAILED STOCK REPORT TIPS
The Stock Report from Refinitiv is a comprehensive, company-specific
analysis that includes a proprietary Stock Rating along with underlying
component indicators and supportive data elements. The report is updated
daily, although some of the data elements and the ratings are updated weekly.
Average Score
The Stock Reports Plus Average Score combines a quantitative analysis of six
widely-used investment decision making tools - Earnings, Fundamental, Relative
Valuation, Risk, Price Momentum, and Insider Trading. First, a simple average of
the six underlying component ratings is calculated. Then, a normal distribution is
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is
negative. These six factors may be evaluated differently using alternative
methodologies, and the importance of individual factors varies across groups,
market capitalization and investment styles. Additional criteria should always be
used to evaluate a stock.
A company must have sufficient data available for at least four of the six component
indicators in order to receive an overall Average Score. Approximately 85% of the
stocks within the coverage universe meet the criteria to generate a score.
Optimized Score
As an alternative to the Average Score, the Stock Report includes an Optimized
Score generated by independent research firm Verus Analytics. It uses the same six
component ratings, but rather than equally weighting each of the factors, the
weighting varies by market capitalization of the underlying security based on
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned
monthly by ranking the market capitalization and assigning the appropriate category
as follows:
Large - Top 5.55%
Mid - Next 13.87%
Small - Next 34.68%
Micro - Remaining 45.9%
Indicator Components
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive
an ‘NR’ for No Rating if the required data elements or criteria are not met. A
detailed section for each component is included in the report.
Indicator Trends
Within each component section, historical score trends are displayed, typically using
a 4-week moving average over a timeframe of the past three years. The dotted
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in
grey boxes to put the current score into historical context.
Next to the trend chart for the company, current score averages are included, along
with peer company comparisons of values from 6 months ago, 3 months ago, 1
month ago, the most recent value from 1 week ago, and the current score. The four
closest industry peers are presented based on similar market capitalization.
Peer Analysis
● The Refinitiv Business Classification (TRBC) schema is used for industry
comparisons. It is designed to track and display the primary business of a
corporation by grouping together correlated companies that offer products and
services into similar end markets. The system includes 10 Economic Sectors, 28
Business Sectors, 54 Industry Groups, and 136 Industries.
● The Peer Analysis section of the report compares the company to its ten closest
peers. The peers are selected from the industry based on similar market
capitalization. The peer listing may have fewer than ten companies if there are
fewer than ten companies classified within that industry.
Highlights
The automated text-generation system from Refinitiv creates highlights
summarizing the most noteworthy data. The bullets will vary by company and will
change from week to week as different criteria are met.
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises,
estimate revisions, and recommendation changes. Each factor is equally weighted.
Then, equal deciles are used to rank each stock across the market on a scale of 1
to 10, with 10 being most favorable. A stock needs to have at least two of the three
earnings factors in order to receive a score.
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© 2022 Refinitiv. All rights reserved.
DETAILED STOCK REPORT
Report Date: 2022-Apr-01
● Earnings Surprises - The number of positive and negative surprises within the
last 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
percentage change of those revisions within a 4 week period.
● Recommendation Changes - The number of broker upgrades and downgrades in
the last 120 days.
Price Target
The price target is based on the predictions of analysts covering the stock and
shows the high, low and mean price expected within the next 12 months.
Earnings Per Share
The quarterly and annual earnings per share are presented when available, along
with the mean, high and low. Quarterly data is displayed for the past 4 quarters
(actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
years (actual) and the next 2 years (estimated).
Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
and 90 days for the upcoming two quarters and two years. The percentage change
is calculated for the company as a means for comparison by measuring the
difference between the current consensus estimate and that of 90 days ago.
Analyst Recommendations
The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
as provided by I/B/E/S, the Institutional Brokers Estimate System, from Refinitiv.
The recommendations are presented on a five-point standardized scale: strong buy,
buy, hold, reduce, and sell.
Earnings Surprises
● The surprise summary includes the total number of quarters (and percentage) in
the past 12 quarters in which earnings surprises were positive, negative, or in-
line. In order to be recognized as a positive or negative surprise, the percent
must be greater than 2% above or 2% below the consensus, respectively.
● The surprise detail section includes a listing of the company's quarterly earnings
reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
surprise, negative surprise, or in-line result.
Fundamental
The Fundamental Rating is based on a combination of four factors: profitability,
debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least two of the four fundamental factors present for a given
fiscal quarter in order to receive a score.
● Profitability is comprised of four data elements.
- Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
- Return on Equity: Net Income / Total Equity
- Net Margin: Net Profit / Net Sales
● Debt is comprised of four data elements.
- Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Funds from Operations
- Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
Debt + Preferred Cash Dividends)
● Earnings Quality is comprised of four data elements.
- Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
- Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
Average Net Operating Assets
- Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
- Days Sales in Receivables: 365 / (Net Sales / Receivables)
● Dividend is comprised of four data elements. The company must have a current
dividend yield.
- Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
/ Previous Dividends per Share
- Dividend Payout: Dividends per Share / Earnings per Share
- Dividend Coverage: Funds from Operations / Cash Dividends
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Indicator Trend
The fundamental indicator trend displays quarterly scores over the past three years.
The best and worst scores over that timeframe can be easily determined from the
values shown on the chart for each quarter.
VIRGIN GALACTIC HOLDINGS INC (SPCE-N)
Industrial Goods / Aerospace & Defense / Aerospace & Defense DETAILED STOCK REPORT
Report Date: 2022-Apr-01

Relative Valuation ● Long-Term Insider – Looks at buying, selling and option exercise decisions over
The Relative Valuation Rating is based on a combination of three factors: Forward the past six months relative to other stocks within the same business sector. The
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After net shares are presented alongside the business sector average as a means of
the weightings are considered to combine individual factors, equal deciles are used comparison.
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall Monthly Buys and Sells
market, the index, and the company's own historic 5-year averages. A stock needs The total market value of open-market buying and selling is displayed by month in
to have at least one of the three relative valuation factors in order to receive a the chart for easy comparison. Transactions by trusts and corporations are
score. excluded, along with buys greater than $10 million and sales greater than $50
million. Transactions for the exercise of derivatives and option exercises are
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings excluded from the totals.
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings
● Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate Institutional Holders
The top five institutional holders of the company are listed in descending order,
Valuation Averages based on their total share holdings. Possible values for the institution type include
Negative values are excluded when calculating the averages. A maximum value of Brokerage, Funds, Inv Mgmt, or Strategic.
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on
Forward PEG, and a maximum value of 20 is placed on Price to Sales when Executive Holders
calculating the averages. Higher values are rounded down to the maximum for the The top five executive insiders of the company are listed in descending order, based
averages. on their total direct common share holdings (options are not considered). Indirect
holdings are excluded, as the owner may not actually have investment discretion
Valuation Multiples over these shares. This table is updated monthly. Insiders who have not filed any
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and transactions or holdings over the past two years are excluded as this may indicate
Price to Sales for the company and the S&P 500 index average. In addition, a that the individual is no longer associated with the company. Additionally, direct
comparison of the current company’s values to its 5-year average and an industry shares held must be greater than 1,000 to be considered.
average are presented. A discount occurs when the company’s ratio is valued
more favorably (lower) than that to which it is compared. Insider Roles
These role codes may appear in the data for recent insider buys and sells or top
Risk executive holders:
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the
least risky stocks. It is derived by looking at a series of long-term (5-year) and AF - Affiliate IA - Investment Advisor
short-term (90-day) stock performance measures including volatility, magnitude of AI - Affiliate of Advisor MC - Member of Committee
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles B - Beneficial Owner MD - Managing Director
are used to rank each stock across the market. A stock needs to have at least two C - Controller O - Officer
of the four risk factors in order to receive a score. CB - Chairman OB - Officer / Beneficial Owner
CEO - Chief Executive Officer OD - Officer / Director
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the CFO - Chief Financial Officer OE - Other Executive
best / worst monthly returns in the past 60 months. CI - Chief Investment Officer OS - Officer of Subsidiary
● Volatility – The standard deviation of the stock price over the last 90 days and CO - Chief Operating Officer OT - Officer / Treasurer
last 60 months, along with the average and largest intra-day stock swing. CT - Chief Technology Officer OX - Divisional Officer
● Beta – Measures the tendency of a security’s returns to respond to swings in the D - Director P - President
market, based on the beta of the company versus the relevant index. DO - Director / Beneficial Owner R - Retired
● Correlation – Determines how closely the returns of the stock and the relevant DS - Indirect Shareholder S - Secretary
index move together, measured over the last 90 days and last 60 months. EC - Member of Exec Committee SH - Shareholder
EVP - Exec Vice President SVP - Senior Vice President
Risk Analysis FO - Former T - Trustee
Price analysis for the company and the S&P 500 is provided over two time periods. GC - General Counsel UT - Unknown
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GP - General Partner VC - Vice Chairman
for the last 60 months. H - Officer / Director / Owner VP - Vice President

Price Momentum
The Price Momentum Rating is based on a combination of two technical DISCLAIMER
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
used to rank each stock across the market on a scale of 1 to 10, with 10 being most © 2020 Refinitiv. Republication or redistribution of Refinitiv content, including by
favorable. A stock needs to have data for the relative strength factor in order to framing or similar means, is prohibited without the prior written consent of Refinitiv.
receive a score. All information in this report is assumed to be accurate to the best of our ability.
Refinitiv is not liable for any errors or delays in Refinitiv content, or for any actions
● Relative Strength – The relative strength of the company for the last 1 month, 3 taken in reliance on such content.
months, and 6 months on a scale of 1 to 100.
● Seasonality – The average monthly return (price performance) for the current Any forward-looking statements included in the Refinitiv content are based on
month and next 2 months for the company and industry, over the past 10 years. certain assumptions and are subject to a number of risks and uncertainties that
A lower industry rank indicates a higher return. could cause actual results to differ materially from current expectations. There is no
assurance that any forward-looking statements will materialize.
Price Performance
Daily close prices are used to calculate the price performance of the stock. The The content in this Refinitiv report does not constitute investment advice or a
performance of the S&P 500 is also displayed as a means of comparison. recommendation to buy or sell securities of any kind. Past performance is not a
guarantee of future results. Investors should consider this report as only a single
Insider Trading factor when making an investment decision.
The Insider Trading Rating is based on short-term (70% weight) and long-term
(30% weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.

● Short-Term Insider – Uses insider buy and sell transactions within the past 90
days. This factor is based on the quantitative insider trading model from Refinitiv
that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following
trades by the given insider.

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