Rocket Lab USA (NASDAQ:RKLB) Shares Down 10% – Time to Sell?

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 10% on Friday . The company traded as low as $15.00 and last traded at $16.10. 9,984,259 shares changed hands during mid-day trading, a decline of 32% from the average session volume of 14,789,016 shares. The stock had previously closed at $17.89.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on RKLB. Wells Fargo & Company cut their price objective on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. Morgan Stanley upped their price target 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 decreased their price objective on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, February 28th. KeyCorp cut their target price on shares of 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. Finally, TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Price Performance

The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of -44.24 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. The stock has a fifty day moving average of $22.57 and a 200-day moving average of $20.03.

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 company had revenue of $132.39 million during the quarter, compared to analyst estimates of $130.58 million. On average, equities research analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, 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 value of $36,571.55. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rockefeller Capital Management L.P. increased its stake in Rocket Lab USA by 5.6% in the third quarter. Rockefeller Capital Management L.P. now owns 241,472 shares of the rocket manufacturer’s stock valued at $2,350,000 after purchasing an additional 12,753 shares during the period. Verition Fund Management LLC purchased a new position in shares of Rocket Lab USA during the third quarter worth about $325,000. Centiva Capital LP acquired a new position in Rocket Lab USA in the 3rd quarter valued at about $116,000. HighTower Advisors LLC increased its position in Rocket Lab USA by 79.0% in the 3rd quarter. HighTower Advisors LLC now owns 228,890 shares of the rocket manufacturer’s stock valued at $2,229,000 after acquiring an additional 101,004 shares during the period. Finally, National Bank of Canada FI raised its stake in 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 valued at $490,000 after acquiring an additional 30,178 shares during the last quarter. Hedge funds and other 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.