Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.5% – Time to Sell?

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 1.5% on Wednesday . The stock traded as low as $10.95 and last traded at $10.99. 2,714,479 shares were traded during trading, a decline of 72% from the average session volume of 9,828,051 shares. The stock had previously closed at $11.16.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on RKLB shares. Morgan Stanley downgraded shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $8.00 to $6.00 in a report on Monday, July 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price objective on shares of Rocket Lab USA in a research report on Monday, September 30th. The Goldman Sachs Group lifted their target price on Rocket Lab USA from $4.50 to $5.00 and gave the stock a “neutral” rating in a report on Thursday, October 10th. JMP Securities initiated coverage on Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating on the stock. Finally, BTIG Research initiated coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They set a “neutral” rating for the company. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.75.

Rocket Lab USA Trading Down 4.2 %

The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82. The company’s 50 day moving average price is $7.93 and its 200 day moving average price is $5.72. The company has a market cap of $5.27 billion, a price-to-earnings ratio of -29.54 and a beta of 1.32.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The business had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. During the same quarter in the prior year, the firm posted ($0.10) EPS. The firm’s revenue for the quarter was up 71.2% on a year-over-year basis. Research analysts anticipate that Rocket Lab USA, Inc. will post -0.39 EPS for the current year.

Insider Activity at Rocket Lab USA

In other news, CFO Adam C. Spice sold 62,512 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total value of $435,083.52. Following the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Michael D. Griffin sold 39,446 shares of Rocket Lab USA stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the transaction, the director now directly owns 42,353 shares of the company’s stock, valued at $292,235.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares of the company’s stock, valued at $9,195,308.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock valued at $906,059 in the last 90 days. 13.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. boosted its holdings in Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after acquiring an additional 4,032 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Rocket Lab USA during the 2nd quarter worth approximately $46,000. Baxter Bros Inc. bought a new stake in shares of Rocket Lab USA during the second quarter worth approximately $48,000. Amalgamated Bank raised its stake in shares of Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after buying an additional 2,538 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new position in Rocket Lab USA in the second quarter valued at approximately $67,000. 71.78% of the stock is currently owned by institutional investors.

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.