Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 0.3% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price dropped 0.3% during trading on Thursday . The stock traded as low as $18.16 and last traded at $18.72. Approximately 2,456,489 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 14,422,018 shares. The stock had previously closed at $18.78.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Citigroup dropped their price objective on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. The Goldman Sachs Group upped their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Stifel Nicolaus raised their target price on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Wednesday, January 8th. Morgan Stanley upped their price target on Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Monday, March 10th. Finally, TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. Five analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Rocket Lab USA presently has an average rating of “Moderate Buy” and an average target price of $23.06.

Rocket Lab USA Stock Performance

The company has a market cap of $8.59 billion, a price-to-earnings ratio of -51.19 and a beta of 2.06. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58. The firm’s 50 day simple moving average is $24.20 and its 200-day simple moving average is $19.09.

Rocket Lab USA (NASDAQ:RKLB) last posted its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The firm had revenue of $132.39 million for the quarter, compared to analyst estimates of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. On average, sell-side analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $19.93, for a total value of $36,571.55. Following the completion of the transaction, the insider now owns 1,417,644 shares in the company, valued at $28,253,644.92. The trade was a 0.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in Rocket Lab USA during the 3rd quarter worth about $139,000. Victory Capital Management Inc. increased its stake in shares of Rocket Lab USA by 4.4% during the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock worth $395,000 after buying an additional 1,709 shares during the period. Advisors Asset Management Inc. raised its holdings in Rocket Lab USA by 28.7% in the third quarter. Advisors Asset Management Inc. now owns 14,438 shares of the rocket manufacturer’s stock valued at $140,000 after acquiring an additional 3,220 shares in the last quarter. Intech Investment Management LLC purchased a new position in Rocket Lab USA in the third quarter worth approximately $921,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock worth $28,006,000 after acquiring an additional 532,207 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.