Rocket Lab USA (NASDAQ:RKLB) Shares Down 1.7% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 1.7% during trading on Thursday . The stock traded as low as $26.75 and last traded at $26.89. 3,972,869 shares changed hands during trading, a decline of 77% from the average session volume of 16,961,820 shares. The stock had previously closed at $27.36.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on RKLB. The Goldman Sachs Group lifted their target price on Rocket Lab USA from $14.35 to $16.00 and gave the stock a “neutral” rating in a research note on Monday, May 12th. Cantor Fitzgerald increased their price target on shares of Rocket Lab USA from $29.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday. Wells Fargo & Company lowered their price target on shares of Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Needham & Company LLC increased their price target on shares of Rocket Lab USA from $28.00 to $32.00 and gave the company a “buy” rating in a report on Wednesday, May 28th. Finally, Citigroup lowered their price target 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. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $26.18.

Rocket Lab USA Price Performance

The company’s fifty day moving average price is $23.54 and its 200 day moving average price is $23.79. The company has a market capitalization of $11.52 billion, a P/E ratio of -68.67 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 announced its earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02). 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 $122.57 million for the quarter, compared to the consensus estimate of $120.74 million. During the same period in the prior year, the business posted ($0.09) earnings per share. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.38 EPS for the current year.

Insider Activity at Rocket Lab USA

In related news, insider Frank Klein sold 2,546 shares of Rocket Lab USA stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $30.00, for a total value of $76,380.00. Following the transaction, the insider now directly owns 1,365,826 shares of the company’s stock, valued at $40,974,780. This trade represents a 0.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Arjun Kampani sold 5,277 shares of Rocket Lab USA stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $29.97, for a total transaction of $158,151.69. Following the completion of the transaction, the insider now directly owns 569,606 shares in the company, valued at $17,071,091.82. This trade represents a 0.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 100,124 shares of company stock valued at $2,707,506 over the last three months. 13.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Spectrum Wealth Counsel LLC acquired a new stake in Rocket Lab USA in the fourth quarter valued at approximately $25,000. Sandy Spring Bank acquired a new stake in Rocket Lab USA in the fourth quarter valued at approximately $26,000. Versant Capital Management Inc lifted its holdings 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 worth $28,000 after purchasing an additional 860 shares during the period. MassMutual Private Wealth & Trust FSB acquired a new position in shares of Rocket Lab USA during the first quarter worth $29,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Rocket Lab USA by 181.1% during the first 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.

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.