Rocket Lab USA (NASDAQ:RKLB) Shares Down 7.5% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was down 7.5% during mid-day trading on Monday . The stock traded as low as $17.15 and last traded at $17.38. Approximately 5,981,706 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 14,295,584 shares. The stock had previously closed at $18.80.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RKLB shares. The Goldman Sachs Group upped their target price on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Cantor Fitzgerald upped their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Citigroup reduced their target price on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a report on Friday, February 28th. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Finally, Bank of America boosted their target price on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Stock Performance

The company has a market cap of $8.56 billion, a PE ratio of -46.27 and a beta of 2.06. 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 business’s fifty day moving average is $25.93 and its 200-day moving average is $18.44.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $132.39 million for the quarter, compared to the consensus estimate of $130.58 million. As a group, research analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $23.63, for a total transaction of $236,300.00. Following the completion of the transaction, the director now directly owns 132,294 shares in the company, valued at approximately $3,126,107.22. The trade was a 7.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Large investors have recently added to or reduced their stakes in the company. Citigroup Inc. raised its position in shares of Rocket Lab USA by 46.8% during the 3rd quarter. Citigroup Inc. now owns 691,387 shares of the rocket manufacturer’s stock valued at $6,727,000 after purchasing an additional 220,432 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Rocket Lab USA by 22.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after acquiring an additional 532,207 shares during the period. Geode Capital Management LLC lifted its position in shares of Rocket Lab USA by 12.2% in the third quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after acquiring an additional 898,223 shares in the last quarter. FORA Capital LLC bought a new position in shares of Rocket Lab USA in the third quarter worth about $449,000. Finally, National Bank of Canada FI grew its position in shares of Rocket Lab USA by 149.2% during the third quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after purchasing an additional 30,178 shares in the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.