Rocket Lab USA (NASDAQ:RKLB) Trading Down 1.2% – Here’s Why

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price was down 1.2% during mid-day trading on Friday . The company traded as low as $19.42 and last traded at $19.74. Approximately 9,181,879 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 15,275,294 shares. The stock had previously closed at $19.98.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RKLB shares. KeyCorp cut their target price on shares of 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. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Citigroup dropped their target price on Rocket Lab USA from $35.00 to $33.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Wells Fargo & Company decreased their price objective on 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. Finally, The Goldman Sachs Group raised their target price on Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a research note on Thursday, January 16th. Five research 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 stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.72.

Rocket Lab USA Stock Down 1.2 %

The company has a market cap of $8.95 billion, a PE ratio of -53.35 and a beta of 2.08. The stock’s 50 day moving average price is $20.32 and its 200-day moving average price is $20.86. 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 announced its quarterly earnings data on Thursday, February 27th. The rocket manufacturer reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Rocket Lab USA had a negative net margin of 51.76% and a negative return on equity of 39.47%. The company had revenue of $132.39 million for the quarter, compared to the consensus estimate of $130.58 million. On average, analysts predict that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In related news, insider Frank Klein sold 44,553 shares of Rocket Lab USA 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 transaction, the insider now directly owns 1,419,479 shares of the company’s stock, valued at $25,806,128.22. The trade was a 3.04 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

A number of large investors have recently added to or reduced their stakes in the company. Spectrum Wealth Counsel LLC purchased a new stake in shares of Rocket Lab USA during the fourth quarter worth about $25,000. Sandy Spring Bank purchased a new stake in Rocket Lab USA in the 4th quarter worth approximately $26,000. Versant Capital Management Inc grew its position in shares of Rocket Lab USA by 118.1% in the 1st quarter. Versant Capital Management Inc now owns 1,588 shares of the rocket manufacturer’s stock worth $28,000 after buying an additional 860 shares during the last quarter. MassMutual Private Wealth & Trust FSB purchased a new position in shares of Rocket Lab USA during the first quarter valued at approximately $29,000. Finally, Farther Finance Advisors LLC lifted its stake in Rocket Lab USA by 181.1% in the first quarter. Farther Finance Advisors LLC now owns 1,903 shares of the rocket manufacturer’s stock worth $35,000 after acquiring an additional 1,226 shares during the period. 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.