Rocket Lab USA (NASDAQ:RKLB) Shares Down 7.5% – Time to Sell?

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price dropped 7.5% during trading on Monday . The stock traded as low as $17.15 and last traded at $17.38. Approximately 5,981,706 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 14,295,584 shares. The stock had previously closed at $18.80.

Analyst Upgrades and Downgrades

RKLB has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price objective on shares of Rocket Lab USA from $12.00 to $13.50 and gave the stock a “neutral” rating in a report on Thursday, January 16th. Wells Fargo & Company decreased their target price on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating for the company in a research report on Monday, March 3rd. TD Cowen upgraded shares of Rocket Lab USA to a “strong-buy” rating in a research note on Monday, February 24th. Morgan Stanley raised their price target on Rocket Lab USA from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Cantor Fitzgerald boosted their price objective on Rocket Lab USA from $7.00 to $24.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Five research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.06.

Rocket Lab USA Stock Up 4.1 %

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 stock has a 50 day simple moving average of $25.59 and a 200 day simple moving average of $18.58. The firm has a market capitalization of $8.09 billion, a PE ratio of -48.19 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) 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 firm had revenue of $132.39 million during the quarter, compared to analysts’ expectations of $130.58 million. As a group, sell-side analysts forecast that Rocket Lab USA, Inc. will post -0.38 earnings per share for the current year.

Hedge Funds Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently modified their holdings of the company. Van ECK Associates Corp increased its holdings in Rocket Lab USA by 33.1% during the 3rd quarter. Van ECK Associates Corp now owns 131,076 shares of the rocket manufacturer’s stock valued at $1,275,000 after purchasing an additional 32,618 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of Rocket Lab USA in the 3rd quarter worth approximately $132,000. GSA Capital Partners LLP bought a new stake in shares of Rocket Lab USA in the 3rd quarter worth approximately $139,000. Verus Capital Partners LLC increased its stake in shares of Rocket Lab USA by 42.7% during the third quarter. Verus Capital Partners LLC now owns 47,310 shares of the rocket manufacturer’s stock valued at $460,000 after buying an additional 14,150 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of Rocket Lab USA by 4.4% during the third quarter. Victory Capital Management Inc. now owns 40,587 shares of the rocket manufacturer’s stock valued at $395,000 after acquiring an additional 1,709 shares in the last quarter. 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.