Rocket Lab USA (NASDAQ:RKLB) Shares Down 7.5% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) were down 7.5% during trading on Monday . The stock traded as low as $17.15 and last traded at $17.38. Approximately 5,981,706 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 14,295,584 shares. The stock had previously closed at $18.80.

Analyst Ratings Changes

A number of equities analysts recently weighed in on RKLB shares. Cantor Fitzgerald upped their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Stifel Nicolaus raised their price objective 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. The Goldman Sachs Group boosted 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. KeyCorp cut their price target on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, Citigroup lowered their target price on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research report on Friday, February 28th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Rocket Lab USA Price Performance

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 has a market capitalization of $8.56 billion, a P/E ratio of -46.27 and a beta of 2.06. The firm’s fifty day moving average is $25.93 and its 200 day moving average is $18.44.

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

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $23.63, for a total value of $236,300.00. Following the completion of the sale, the director now directly owns 132,294 shares of the company’s stock, valued at $3,126,107.22. The trade was a 7.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several institutional investors and hedge funds have recently modified their holdings of RKLB. Chicago Partners Investment Group LLC increased its holdings in Rocket Lab USA by 0.4% during the 4th quarter. Chicago Partners Investment Group LLC now owns 79,943 shares of the rocket manufacturer’s stock worth $2,187,000 after purchasing an additional 334 shares during the period. Wellington Shields & Co. LLC grew its position in shares of Rocket Lab USA by 0.5% during the 4th quarter. Wellington Shields & Co. LLC now owns 74,522 shares of the rocket manufacturer’s stock worth $1,898,000 after buying an additional 383 shares in the last quarter. Signaturefd LLC increased its stake in shares of Rocket Lab USA by 12.2% during the fourth quarter. Signaturefd LLC now owns 6,014 shares of the rocket manufacturer’s stock valued at $153,000 after buying an additional 653 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Rocket Lab USA by 3.3% in the fourth quarter. Envestnet Asset Management Inc. now owns 21,747 shares of the rocket manufacturer’s stock valued at $554,000 after acquiring an additional 696 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its stake in Rocket Lab USA by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 15,078 shares of the rocket manufacturer’s stock worth $384,000 after acquiring an additional 746 shares during the period. Institutional investors own 71.78% of the company’s stock.

Rocket Lab USA Company Profile

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.