Rocket Lab USA (NASDAQ:RKLB) Shares Down 6.2%

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was down 6.2% during mid-day trading on Monday . The stock traded as low as $6.51 and last traded at $6.53. 6,478,584 shares traded hands during trading, a decline of 28% from the average daily volume of 8,968,641 shares. The stock had previously closed at $6.96.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on RKLB shares. Citigroup raised their price objective on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. BTIG Research initiated coverage on shares of Rocket Lab USA in a research report on Wednesday, June 26th. They issued a “neutral” rating for the company. Morgan Stanley downgraded Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $8.00 to $6.00 in a research note on Monday, July 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $6.00 price target on shares of Rocket Lab USA in a research report on Monday, July 22nd. Finally, The Goldman Sachs Group initiated coverage on Rocket Lab USA in a research report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price objective on the stock. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.75.

Rocket Lab USA Price Performance

The stock has a market cap of $3.35 billion, a P/E ratio of -17.65 and a beta of 1.25. The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90. The business’s 50-day simple moving average is $5.28 and its two-hundred day simple moving average is $4.58.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. The company had revenue of $106.25 million during the quarter, compared to the consensus estimate of $105.47 million. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. Rocket Lab USA’s revenue for the quarter was up 71.2% on a year-over-year basis. During the same period last year, the firm earned ($0.10) EPS. Sell-side analysts expect that Rocket Lab USA, Inc. will post -0.41 EPS for the current year.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Rocket Lab USA by 9.2% in the first quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after purchasing an additional 2,448,789 shares during the period. Ieq Capital LLC bought a new position in Rocket Lab USA in the 2nd quarter worth about $5,469,000. Tocqueville Asset Management L.P. raised its holdings in shares of Rocket Lab USA by 217.1% in the 1st quarter. Tocqueville Asset Management L.P. now owns 1,284,060 shares of the rocket manufacturer’s stock valued at $5,277,000 after acquiring an additional 879,160 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Rocket Lab USA by 25.6% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,123,591 shares of the rocket manufacturer’s stock valued at $10,193,000 after acquiring an additional 432,501 shares during the last quarter. Finally, ARK Investment Management LLC increased its position in shares of Rocket Lab USA by 6.6% in the second quarter. ARK Investment Management LLC now owns 6,297,073 shares of the rocket manufacturer’s stock worth $30,226,000 after purchasing an additional 391,778 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

About Rocket Lab USA

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.