Rocket Lab USA (NASDAQ:RKLB) Trading Down 1.3% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price dropped 1.3% during mid-day trading on Thursday . The company traded as low as $18.40 and last traded at $19.19. Approximately 3,418,601 shares were traded during trading, a decline of 76% from the average daily volume of 14,512,550 shares. The stock had previously closed at $19.44.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. KeyCorp lowered their target price 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. Morgan Stanley lifted their target price on shares of Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Monday, March 10th. Wells Fargo & Company dropped their price target on shares of Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. Stifel Nicolaus upped their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Stock Performance

The company has a market capitalization of $8.40 billion, a P/E ratio of -50.05 and a beta of 2.06. The company’s 50 day moving average is $23.94 and its 200-day moving average is $19.48. The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $132.39 million during the quarter, compared to the consensus estimate of $130.58 million. Equities analysts anticipate that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of Rocket Lab USA stock in a transaction dated 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 transaction, the insider now directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 13.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors and hedge funds have recently made changes to their positions in the company. Spectrum Wealth Counsel LLC purchased a new stake in Rocket Lab USA during the 4th quarter valued at $25,000. Sandy Spring Bank bought a new stake in Rocket Lab USA in the 4th quarter worth about $26,000. Wingate Wealth Advisors Inc. bought a new position in Rocket Lab USA during the 4th quarter valued at about $40,000. Quarry LP purchased a new stake in shares of Rocket Lab USA during the 4th quarter valued at about $48,000. Finally, NewEdge Advisors LLC grew 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 acquiring an additional 1,750 shares during the period. 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.