Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 3.5%

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s stock price fell 3.5% during mid-day trading on Thursday . The stock traded as low as $9.28 and last traded at $9.37. 2,839,093 shares were traded during trading, a decline of 71% from the average session volume of 9,636,645 shares. The stock had previously closed at $9.71.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RKLB. BTIG Research assumed coverage on Rocket Lab USA in a report on Wednesday, June 26th. They issued a “neutral” rating on the stock. The Goldman Sachs Group started coverage on Rocket Lab USA in a research note on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $7.00 target price on shares of Rocket Lab USA in a research note on Monday. Morgan Stanley cut shares of Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $8.00 to $6.00 in a report on Monday, July 15th. Finally, KeyCorp lifted their price objective on shares of Rocket Lab USA from $8.00 to $11.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $6.68.

Rocket Lab USA Stock Down 5.0 %

The business has a 50 day moving average of $6.51 and a two-hundred day moving average of $5.11. The stock has a market capitalization of $4.58 billion, a PE ratio of -25.32 and a beta of 1.27. The company has a debt-to-equity ratio of 0.90, a quick ratio of 2.43 and a current ratio of 2.82.

Rocket Lab USA (NASDAQ:RKLB) last released its quarterly earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.02. Rocket Lab USA had a negative net margin of 54.17% and a negative return on equity of 34.12%. The business had revenue of $106.25 million during the quarter, compared to analyst estimates of $105.47 million. During the same period in the prior year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was up 71.2% on a year-over-year basis. Analysts predict that Rocket Lab USA, Inc. will post -0.39 EPS for the current year.

Insider Buying and Selling at Rocket Lab USA

In related news, Director Michael D. Griffin sold 39,446 shares of the business’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the transaction, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $6.96, for a total transaction of $435,083.52. Following the transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael D. Griffin sold 39,446 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $6.90, for a total transaction of $272,177.40. Following the completion of the transaction, the director now directly owns 42,353 shares of the company’s stock, valued at approximately $292,235.70. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock worth $906,059 over the last three months. Corporate insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in Rocket Lab USA by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 29,000,578 shares of the rocket manufacturer’s stock worth $119,192,000 after acquiring an additional 2,448,789 shares during the period. Principal Financial Group Inc. boosted its position in Rocket Lab USA by 18.1% in the first quarter. Principal Financial Group Inc. now owns 38,074 shares of the rocket manufacturer’s stock valued at $156,000 after buying an additional 5,838 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Rocket Lab USA by 40.9% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 91,619 shares of the rocket manufacturer’s stock worth $440,000 after buying an additional 26,605 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Rocket Lab USA by 2.3% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 294,054 shares of the rocket manufacturer’s stock worth $1,209,000 after buying an additional 6,534 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Rocket Lab USA by 15.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,691,090 shares of the rocket manufacturer’s stock valued at $6,950,000 after acquiring an additional 229,512 shares during the period. 71.78% of the stock is owned by hedge funds and other 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.