Rocket Lab USA (NASDAQ:RKLB) Trading Down 0.7% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares traded down 0.7% during trading on Monday . The stock traded as low as $19.25 and last traded at $19.49. 4,321,986 shares were traded during trading, a decline of 71% from the average session volume of 15,135,677 shares. The stock had previously closed at $19.63.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RKLB shares. Stifel Nicolaus upped their price target on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Wells Fargo & Company dropped their price objective on shares of Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. 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 research note on Monday, March 10th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a report on Monday, February 24th. Finally, Citigroup reduced their price objective on shares of 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. Five analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Rocket Lab USA currently has an average rating of “Moderate Buy” and a consensus target price of $22.72.

Rocket Lab USA Price Performance

The business has a 50-day simple moving average of $20.85 and a two-hundred day simple moving average of $20.64. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of -56.94 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.

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). The business 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%. As a group, research analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at Rocket Lab USA

In other Rocket Lab USA news, insider Frank Klein sold 1,835 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $19.93, for a total transaction of $36,571.55. Following the completion of the sale, the insider now directly owns 1,417,644 shares in the company, valued at $28,253,644.92. This represents a 0.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 13.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors have recently added to or reduced their stakes in the business. Spectrum Wealth Counsel LLC bought a new stake in shares of Rocket Lab USA during the fourth quarter worth about $25,000. Sandy Spring Bank purchased a new position in Rocket Lab USA during the 4th quarter valued at about $26,000. Versant Capital Management Inc raised its stake in shares of Rocket Lab USA by 118.1% during the first quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock valued at $28,000 after acquiring an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB purchased a new position in Rocket Lab USA in the 1st quarter worth approximately $29,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of Rocket Lab USA by 181.1% in the 1st quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer’s stock worth $35,000 after purchasing an additional 1,226 shares during the period. 71.78% of the stock is 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.