Rocket Lab USA (NASDAQ:RKLB) Shares Down 0% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price dropped 0% during mid-day trading on Wednesday . The company traded as low as $19.66 and last traded at $20.27. Approximately 4,376,898 shares traded hands during trading, a decline of 70% from the average daily volume of 14,496,734 shares. The stock had previously closed at $20.27.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RKLB. KeyCorp dropped their price target on shares of Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Citigroup reduced their target price on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a report on Friday, February 28th. Wells Fargo & Company dropped their price target on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a report on Monday, March 3rd. The Goldman Sachs Group lifted their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Finally, TD Cowen upgraded 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Rocket Lab USA Trading Up 1.1 %

The company’s 50 day simple moving average is $23.82 and its two-hundred day simple moving average is $19.47. The stock has a market cap of $8.45 billion, a price-to-earnings ratio of -50.32 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.

Rocket Lab USA (NASDAQ:RKLB) last posted 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 return on equity of 39.47% and a negative net margin of 51.76%. Research analysts expect that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Frank Klein sold 1,835 shares of Rocket Lab USA 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 sale, the insider now owns 1,417,644 shares of the company’s stock, valued at approximately $28,253,644.92. The trade was a 0.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 13.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rocket Lab USA

Institutional investors have recently bought and sold shares of the stock. Spectrum Wealth Counsel LLC acquired a new position in shares of Rocket Lab USA during the 4th quarter valued at about $25,000. Sandy Spring Bank bought a new stake in Rocket Lab USA during the fourth quarter worth approximately $26,000. Wingate Wealth Advisors Inc. acquired a new position in Rocket Lab USA during the fourth quarter valued at approximately $40,000. Quarry LP bought a new position in shares of Rocket Lab USA in the fourth quarter valued at approximately $48,000. Finally, NewEdge Advisors LLC lifted its stake in shares of Rocket Lab USA by 1,000.0% in the fourth quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock worth $49,000 after buying an additional 1,750 shares during the last quarter. 71.78% of the stock is currently owned by 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.