Rocket Lab USA (NASDAQ:RKLB) Shares Down 5.7% – What’s Next?

Rocket Lab USA, Inc. (NASDAQ:RKLB) shares traded down 5.7% during trading on Tuesday . The company traded as low as $28.12 and last traded at $27.96. 10,970,791 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 16,842,440 shares. The stock had previously closed at $29.64.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RKLB. Citigroup dropped their price objective on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Morgan Stanley raised their price target on shares of Rocket Lab USA from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Monday, March 10th. Cantor Fitzgerald lifted their price objective on shares of Rocket Lab USA from $29.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday. TD Cowen raised Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Finally, Wells Fargo & Company dropped 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 research note on Tuesday, April 8th. Five analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.18.

Rocket Lab USA Trading Down 6.6%

The company has a 50 day moving average of $22.80 and a 200-day moving average of $23.73. The stock has a market cap of $12.56 billion, a price-to-earnings ratio of -74.77 and a beta of 2.08. The company has a debt-to-equity ratio of 0.97, a quick ratio of 2.16 and a current ratio of 2.58.

Rocket Lab USA (NASDAQ:RKLB) last issued its quarterly earnings results on Thursday, May 8th. The rocket manufacturer reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.02). The business had revenue of $122.57 million for the quarter, compared to analyst estimates of $120.74 million. Rocket Lab USA had a negative return on equity of 39.47% and a negative net margin of 51.76%. The firm’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.09) EPS. On average, research analysts anticipate that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Frank Klein sold 1,818 shares of the firm’s stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $26.51, for a total value of $48,195.18. Following the sale, the insider now owns 1,368,372 shares of the company’s stock, valued at $36,275,541.72. This trade represents a 0.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Arjun Kampani sold 5,277 shares of the business’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $29.97, for a total transaction of $158,151.69. Following the transaction, the insider now owns 569,606 shares of the company’s stock, valued at $17,071,091.82. This trade represents a 0.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 136,937 shares of company stock worth $3,285,279 over the last 90 days. Corporate insiders own 13.70% of the company’s stock.

Hedge Funds Weigh In On Rocket Lab USA

Several large investors have recently bought and sold shares of RKLB. Vanguard Group Inc. boosted its position in shares of Rocket Lab USA by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 40,029,546 shares of the rocket manufacturer’s stock worth $715,728,000 after acquiring an additional 3,833,969 shares in the last quarter. FMR LLC boosted its holdings in Rocket Lab USA by 30,853.3% in the fourth 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 in the last quarter. Two Sigma Advisers LP acquired a new position in Rocket Lab USA in the fourth quarter valued at approximately $72,623,000. BNP Paribas Financial Markets purchased a new position in Rocket Lab USA in the fourth quarter valued at approximately $56,977,000. Finally, Two Sigma Investments LP purchased a new position in Rocket Lab USA in the fourth quarter valued at approximately $47,074,000. 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.