Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 0.7% – Here’s Why

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. 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 note on Friday, February 28th. Wells Fargo & Company reduced their price target on shares of Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating for the company in a research report on Tuesday. Morgan Stanley upped their price objective on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, March 10th. The Goldman Sachs Group boosted their target price on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Finally, TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.72.

Rocket Lab USA Price Performance

The company has a market capitalization of $8.90 billion, a price-to-earnings ratio of -53.05 and a beta of 2.08. 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’s 50 day simple moving average is $21.18 and its 200-day simple moving average is $20.49.

Rocket Lab USA (NASDAQ:RKLB) last posted its quarterly 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 return on equity of 39.47% and a negative net margin of 51.76%. The firm had revenue of $132.39 million for the quarter, compared to analysts’ expectations of $130.58 million. On average, sell-side analysts anticipate that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at Rocket Lab USA

In related news, insider Frank Klein sold 1,835 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.93, for a total transaction of $36,571.55. Following 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Udine Wealth Management Inc. increased its stake in Rocket Lab USA by 21.6% in the 1st quarter. Udine Wealth Management Inc. now owns 64,080 shares of the rocket manufacturer’s stock valued at $1,146,000 after purchasing an additional 11,375 shares in the last quarter. SeaCrest Wealth Management LLC raised its stake in shares of Rocket Lab USA by 121.7% during the 1st quarter. SeaCrest Wealth Management LLC now owns 65,614 shares of the rocket manufacturer’s stock worth $1,173,000 after buying an additional 36,017 shares during the last quarter. Intellectus Partners LLC boosted its position in shares of Rocket Lab USA by 6.4% in the 1st quarter. Intellectus Partners LLC now owns 85,025 shares of the rocket manufacturer’s stock worth $1,520,000 after buying an additional 5,150 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Rocket Lab USA by 3.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 95,421 shares of the rocket manufacturer’s stock valued at $1,706,000 after acquiring an additional 3,549 shares during the last quarter. Finally, Smith Anglin Financial LLC increased its holdings in Rocket Lab USA by 132.1% during the 1st quarter. Smith Anglin Financial LLC now owns 27,261 shares of the rocket manufacturer’s stock valued at $487,000 after acquiring an additional 15,515 shares in the last quarter. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.