Rocket Lab USA (NASDAQ:RKLB) Trading Down 4.6% After Insider Selling

Rocket Lab USA, Inc. (NASDAQ:RKLB) dropped 4.6% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $18.08 and last traded at $18.23. Approximately 3,251,625 shares were traded during trading, a decline of 77% from the average daily volume of 14,419,403 shares. The stock had previously closed at $19.10.

Specifically, insider Frank Klein sold 1,835 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.93, for a total transaction of $36,571.55. Following the completion of the transaction, the insider now directly owns 1,417,644 shares of the company’s stock, valued at approximately $28,253,644.92. This represents a 0.13 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Frank Klein sold 44,553 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $18.18, for a total value of $809,973.54. Following the transaction, the insider now directly owns 1,419,479 shares in the company, valued at $25,806,128.22. This trade represents a 3.04 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

RKLB has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their target price on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Wells Fargo & Company reduced their price target on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, March 3rd. KeyCorp dropped their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Finally, Morgan Stanley boosted their target price 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. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Stock Up 4.4 %

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The stock has a market cap of $8.52 billion, a P/E ratio of -50.76 and a beta of 2.06. The firm has a 50-day simple moving average of $24.54 and a two-hundred day simple moving average of $19.01.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly earnings data 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). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The business had revenue of $132.39 million during the quarter, compared to the consensus estimate of $130.58 million. Equities research analysts expect that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rocket Lab USA

A number of hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. increased its position in shares of Rocket Lab USA by 46.8% in the third quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock worth $6,727,000 after purchasing an additional 220,432 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Rocket Lab USA by 22.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after buying an additional 532,207 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock worth $80,317,000 after acquiring an additional 898,223 shares during the period. FORA Capital LLC acquired a new stake in shares of Rocket Lab USA during the 3rd quarter worth approximately $449,000. Finally, National Bank of Canada FI boosted its position in shares of Rocket Lab USA by 149.2% during the 3rd quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after acquiring an additional 30,178 shares in the last quarter. 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.