Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 9.2% – Here’s What Happened

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 9.2% on Thursday . The stock traded as low as $17.43 and last traded at $17.57. 6,579,398 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 14,738,406 shares. The stock had previously closed at $19.34.

Analyst Ratings Changes

RKLB has been the subject of several analyst reports. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Citigroup lowered their target price on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, February 28th. 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 on the stock in a research note on Monday, March 3rd. KeyCorp dropped their target price on Rocket Lab USA from $32.00 to $28.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, The Goldman Sachs Group raised their price target on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a report on Thursday, January 16th. Five investment 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 company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.06.

Rocket Lab USA Stock Performance

The stock’s 50 day moving average is $23.12 and its 200 day moving average is $19.89. The stock has a market capitalization of $8.11 billion, a price-to-earnings ratio of -48.35 and a beta of 2.06. 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 posted its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $132.39 million for the quarter, compared to analysts’ expectations of $130.58 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. On average, analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Frank Klein sold 44,553 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $18.18, for a total transaction of $809,973.54. Following the transaction, the insider now directly owns 1,419,479 shares in the company, valued at approximately $25,806,128.22. This represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Rocket Lab USA by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 36,195,577 shares of the rocket manufacturer’s stock worth $921,901,000 after acquiring an additional 668,093 shares during the last quarter. Geode Capital Management LLC raised its stake in Rocket Lab USA by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 8,285,693 shares of the rocket manufacturer’s stock worth $211,084,000 after purchasing an additional 32,658 shares during the period. FMR LLC boosted its holdings in shares of Rocket Lab USA by 30,853.3% in the 4th quarter. FMR LLC now owns 3,696,136 shares of the rocket manufacturer’s stock valued at $94,141,000 after purchasing an additional 3,684,195 shares during the last quarter. Northern Trust Corp grew its stake in shares of Rocket Lab USA by 9.5% during the 4th quarter. Northern Trust Corp now owns 3,227,617 shares of the rocket manufacturer’s stock valued at $82,207,000 after buying an additional 281,339 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Rocket Lab USA by 0.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,902,212 shares of the rocket manufacturer’s stock worth $73,919,000 after buying an additional 23,855 shares during the last quarter. Institutional investors and hedge funds 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.