Rocket Lab USA (NASDAQ:RKLB) Shares Gap Down – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $17.12, but opened at $16.31. Rocket Lab USA shares last traded at $17.22, with a volume of 2,837,942 shares trading hands.

Wall Street Analysts Forecast Growth

RKLB has been the topic of several analyst reports. Bank of America lifted their price target on shares of Rocket Lab USA from $10.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Stifel Nicolaus upped their price target on Rocket Lab USA from $26.00 to $31.00 and gave the company a “buy” rating in a research note on Wednesday, January 8th. KeyCorp cut their price objective on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. Morgan Stanley boosted 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 report on Monday. Finally, Cantor Fitzgerald increased their target price on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.06.

Rocket Lab USA Price Performance

The company’s 50-day moving average price is $25.74 and its 200-day moving average price is $18.51. 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 firm has a market cap of $8.97 billion, a price-to-earnings ratio of -48.51 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last announced its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share 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 business had revenue of $132.39 million for the quarter, compared to analysts’ expectations of $130.58 million. On average, equities research analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other Rocket Lab USA news, Director Nina Armagno sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The shares were 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 owns 132,294 shares in the company, valued at $3,126,107.22. The trade was a 7.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 13.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rocket Lab USA

Institutional investors have recently modified their holdings of the company. Spectrum Wealth Counsel LLC acquired a new stake in Rocket Lab USA in the fourth quarter valued at $25,000. Sandy Spring Bank purchased a new stake in Rocket Lab USA during the fourth quarter worth approximately $26,000. Wingate Wealth Advisors Inc. acquired a new position in Rocket Lab USA in the fourth quarter valued at approximately $40,000. Quarry LP purchased a new position in Rocket Lab USA in the fourth quarter valued at approximately $48,000. Finally, NewEdge Advisors LLC raised its holdings in Rocket Lab USA by 1,000.0% during the fourth quarter. NewEdge Advisors LLC now owns 1,925 shares of the rocket manufacturer’s stock worth $49,000 after purchasing an additional 1,750 shares in the last quarter. 71.78% of the stock is owned by hedge funds and other institutional investors.

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.