Rocket Lab USA (NASDAQ:RKLB) Stock Price Down 4.6%

Rocket Lab USA, Inc. (NASDAQ:RKLB)’s share price fell 4.6% during trading on Tuesday . The stock traded as low as $9.22 and last traded at $9.28. 5,024,677 shares traded hands during trading, a decline of 48% from the average session volume of 9,589,341 shares. The stock had previously closed at $9.73.

Wall Street Analysts Forecast Growth

Several research firms have commented on RKLB. JMP Securities assumed coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They set a “market perform” rating on the stock. Citigroup increased their price objective on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Roth Mkm reaffirmed a “buy” rating and set a $7.00 price objective on shares of Rocket Lab USA in a research note on Tuesday, June 18th. KeyCorp raised their target price on Rocket Lab USA from $8.00 to $11.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, The Goldman Sachs Group started coverage on shares of Rocket Lab USA in a research report on Tuesday, June 11th. They set a “neutral” rating and a $4.50 price target for the company. 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 presently has an average rating of “Hold” and an average price target of $6.68.

Rocket Lab USA Stock Performance

The business’s 50 day simple moving average is $6.35 and its two-hundred day simple moving average is $5.04. The firm has a market capitalization of $4.63 billion, a PE ratio of -25.08 and a beta of 1.27. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On Rocket Lab USA

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