Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 10% – Here’s What Happened

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price was down 10% on Friday . The stock traded as low as $15.00 and last traded at $16.10. Approximately 9,984,259 shares changed hands during trading, a decline of 32% from the average daily volume of 14,789,016 shares. The stock had previously closed at $17.89.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RKLB. TD Cowen upgraded Rocket Lab USA to a “strong-buy” rating in a research report on Monday, February 24th. Stifel Nicolaus upped their price objective on shares of Rocket Lab USA from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Wednesday, January 8th. Wells Fargo & Company cut their target price on Rocket Lab USA from $22.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Monday, March 3rd. 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 research report on Monday, March 10th. Finally, The Goldman Sachs Group increased 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 assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $23.06.

Rocket Lab USA Price Performance

The company has a market cap of $7.42 billion, a price-to-earnings ratio of -44.24 and a beta of 2.06. The company’s 50 day moving average price is $22.85 and its 200 day moving average price is $19.88. 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) 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 business had revenue of $132.39 million during 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.

Insider Buying and Selling

In other news, insider Frank Klein sold 1,835 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $19.93, for a total transaction of $36,571.55. Following the transaction, the insider now directly owns 1,417,644 shares in the company, valued at $28,253,644.92. This represents a 0.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Several institutional investors have recently bought and sold shares of RKLB. Charles Schwab Investment Management Inc. raised its holdings in shares of Rocket Lab USA by 22.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,878,357 shares of the rocket manufacturer’s stock valued at $28,006,000 after buying an additional 532,207 shares during the period. Geode Capital Management LLC grew its holdings in Rocket Lab USA by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,253,035 shares of the rocket manufacturer’s stock valued at $80,317,000 after purchasing an additional 898,223 shares in the last quarter. National Bank of Canada FI increased its stake in Rocket Lab USA by 149.2% during the 3rd quarter. National Bank of Canada FI now owns 50,408 shares of the rocket manufacturer’s stock worth $490,000 after buying an additional 30,178 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Rocket Lab USA by 22.4% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 227,438 shares of the rocket manufacturer’s stock worth $2,213,000 after buying an additional 41,551 shares in the last quarter. Finally, Main Management ETF Advisors LLC purchased a new position in Rocket Lab USA in the 3rd quarter valued at about $1,570,000. 71.78% of the stock is currently owned by hedge funds and other institutional investors.

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.