Rocket Lab USA (NASDAQ:RKLB) Shares Down 3.9% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 3.9% on Wednesday . The company traded as low as $19.92 and last traded at $20.24. 5,009,632 shares were traded during mid-day trading, a decline of 67% from the average session volume of 15,186,936 shares. The stock had previously closed at $21.07.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on RKLB. The Goldman Sachs Group boosted their price objective on Rocket Lab USA from $12.00 to $13.50 and gave the company a “neutral” rating in a research report on Thursday, January 16th. Citigroup dropped their price objective on shares of Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating for the company in a report 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 stock an “equal weight” rating in a report on Monday, March 10th. Wells Fargo & Company cut their price objective on Rocket Lab USA from $21.00 to $18.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 8th. Finally, KeyCorp lowered their price target 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. Five analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $22.72.

Rocket Lab USA Price Performance

The company has a market cap of $8.95 billion, a price-to-earnings ratio of -53.35 and a beta of 2.08. The company’s 50 day moving average price is $20.49 and its 200 day moving average price is $20.71. 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 released its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) 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 analyst estimates of $130.58 million. Equities research analysts forecast 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 1,835 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $19.93, for a total value of $36,571.55. Following the sale, the insider now owns 1,417,644 shares of the company’s stock, valued at approximately $28,253,644.92. This represents a 0.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.70% of the stock is owned by company insiders.

Institutional Trading of Rocket Lab USA

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Rocket Lab USA by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 36,195,577 shares of the rocket manufacturer’s stock valued at $921,901,000 after acquiring an additional 668,093 shares during the last quarter. Geode Capital Management LLC increased 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 acquiring an additional 32,658 shares during the last quarter. FMR LLC lifted its stake 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 in the last quarter. Northern Trust Corp lifted its position in Rocket Lab USA by 9.5% during the fourth 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Rocket Lab USA by 0.8% during the fourth 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 period. 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.