Rocket Lab USA (NASDAQ:RKLB) Trading Down 9.2% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price traded down 9.2% on Thursday . The stock traded as low as $17.43 and last traded at $17.57. 6,579,398 shares changed hands during trading, a decline of 55% from the average session volume of 14,738,406 shares. The stock had previously closed at $19.34.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RKLB shares. KeyCorp decreased their price target on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Wells Fargo & Company lowered their target price on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research note on Monday, March 3rd. 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. Citigroup lowered their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, Stifel Nicolaus raised their target price on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $23.06.

Rocket Lab USA Trading Down 8.5 %

The company’s 50-day moving average is $22.57 and its 200 day moving average is $19.94. 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 firm has a market cap of $7.42 billion, a PE ratio of -44.24 and a beta of 2.06.

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

Insider Buying and Selling at Rocket Lab USA

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 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 of the company’s stock, valued at $25,806,128.22. This represents a 3.04 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Large investors have recently added to or reduced their stakes in the business. Spectrum Wealth Counsel LLC acquired a new position in Rocket Lab USA during the fourth quarter valued at approximately $25,000. Sandy Spring Bank bought a new position in shares of Rocket Lab USA in the fourth quarter worth about $26,000. Wingate Wealth Advisors Inc. acquired a new position in shares of Rocket Lab USA during the 4th quarter worth about $40,000. Versant Capital Management Inc boosted its stake in Rocket Lab USA by 118.1% during the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock valued at $28,000 after purchasing an additional 860 shares during the period. Finally, MassMutual Private Wealth & Trust FSB bought a new stake in Rocket Lab USA during the 1st quarter valued at approximately $29,000. 71.78% of the stock is owned by institutional investors.

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.