Rocket Lab USA (NASDAQ:RKLB) Trading Down 1.6% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price fell 1.6% during trading on Tuesday . The company traded as low as $19.88 and last traded at $19.89. 4,016,847 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 14,509,486 shares. The stock had previously closed at $20.21.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. The Goldman Sachs Group upped 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. Morgan Stanley raised their target price 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. Citigroup lowered their price target on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a report on Friday, February 28th. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Finally, Stifel Nicolaus upped their price objective on Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, January 8th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.06.

Rocket Lab USA Stock Down 5.2 %

The company has a current ratio of 2.58, a quick ratio of 2.16 and a debt-to-equity ratio of 0.97. The company has a 50 day simple moving average of $23.94 and a two-hundred day simple moving average of $19.48. The firm has a market capitalization of $8.36 billion, a P/E ratio of -49.79 and a beta of 2.06.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share 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 the consensus estimate 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, equities analysts predict that Rocket Lab USA, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at Rocket Lab USA

In related news, insider Frank Klein sold 44,553 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $18.18, for a total value of $809,973.54. Following the completion of the transaction, the insider now directly owns 1,419,479 shares of the company’s stock, valued at approximately $25,806,128.22. This trade represents a 3.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of hedge funds have recently bought and sold shares of the business. FMR LLC increased 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 worth $94,141,000 after buying an additional 3,684,195 shares during the last quarter. Two Sigma Advisers LP bought a new stake in Rocket Lab USA during the fourth quarter worth approximately $72,623,000. BNP Paribas Financial Markets bought a new stake in Rocket Lab USA during the fourth quarter worth approximately $56,977,000. Two Sigma Investments LP purchased a new stake in Rocket Lab USA during the fourth quarter valued at approximately $47,074,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Rocket Lab USA by 1,765.4% in the 4th quarter. Renaissance Technologies LLC now owns 1,818,800 shares of the rocket manufacturer’s stock valued at $46,325,000 after purchasing an additional 1,721,300 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.