Rocket Lab USA (NASDAQ:RKLB) Trading Down 0.7% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares were down 0.7% during trading on Thursday . The stock traded as low as $19.61 and last traded at $20.44. Approximately 4,772,565 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 15,045,312 shares. The stock had previously closed at $20.59.

Analyst Ratings Changes

A number of research firms have weighed in on RKLB. Wells Fargo & Company lowered their target price on Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating on the stock in a report on Tuesday. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. The Goldman Sachs Group boosted their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Stifel Nicolaus increased their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Finally, KeyCorp cut their price objective on shares of 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. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.72.

Rocket Lab USA Trading Down 4.3 %

The stock has a fifty day simple moving average of $21.53 and a 200 day simple moving average of $20.33. The firm has a market capitalization of $8.94 billion, a P/E ratio of -53.41 and a beta of 2.08. The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97.

Rocket Lab USA (NASDAQ:RKLB) last issued 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). 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 for the quarter, compared to the consensus estimate of $130.58 million. As a group, research analysts forecast 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 firm’s 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 owns 1,417,644 shares in the company, valued at $28,253,644.92. This trade represents a 0.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 13.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Spectrum Wealth Counsel LLC bought a new position in Rocket Lab USA during the fourth quarter valued at $25,000. Sandy Spring Bank purchased a new stake in shares of Rocket Lab USA in the fourth quarter worth approximately $26,000. Versant Capital Management Inc lifted its position in shares of Rocket Lab USA by 118.1% during the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock worth $28,000 after purchasing an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB purchased a new stake in Rocket Lab USA in the 1st quarter valued at about $29,000. Finally, Wingate Wealth Advisors Inc. purchased a new position in Rocket Lab USA during the 4th quarter worth $40,000. 71.78% of the stock is owned by hedge funds and other 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.