Rocket Lab USA (NASDAQ:RKLB) Trading Down 5% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares dropped 5% during mid-day trading on Monday . The company traded as low as $17.35 and last traded at $17.70. Approximately 6,258,611 shares changed hands during trading, a decline of 57% from the average daily volume of 14,689,633 shares. The stock had previously closed at $18.62.

Analyst Upgrades and Downgrades

RKLB has been the subject of several research reports. KeyCorp reduced their target price on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. The Goldman Sachs Group raised their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research report on Thursday, January 16th. Wells Fargo & Company lowered their price target on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. Stifel Nicolaus lifted their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Finally, TD Cowen raised shares of Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. Five research 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. Based on data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Moderate Buy” and an average target price of $23.06.

Rocket Lab USA Trading Up 1.5 %

The firm has a market cap of $8.23 billion, a price-to-earnings ratio of -49.05 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 company’s 50-day moving average is $23.33 and its 200-day moving average is $19.89.

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

Insider Activity

In other Rocket Lab USA news, insider Frank Klein sold 44,553 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $18.18, for a total transaction of $809,973.54. Following the transaction, the insider now directly owns 1,419,479 shares in the company, valued at approximately $25,806,128.22. This represents a 3.04 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 13.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several large investors have recently bought and sold shares of the business. Spectrum Wealth Counsel LLC acquired a new stake in Rocket Lab USA during the 4th quarter worth $25,000. Sandy Spring Bank bought a new stake in Rocket Lab USA in the fourth quarter valued at about $26,000. MassMutual Private Wealth & Trust FSB acquired a new position in Rocket Lab USA in the first quarter valued at about $29,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Rocket Lab USA during the 4th quarter worth about $40,000. Finally, Quarry LP bought a new stake in shares of Rocket Lab USA in the 4th quarter valued at about $48,000. 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.