Rocket Lab USA (NASDAQ:RKLB) Shares Gap Down to $9.23

Rocket Lab USA, Inc. (NASDAQ:RKLB) gapped down before the market opened on Wednesday . The stock had previously closed at $9.23, but opened at $8.96. Rocket Lab USA shares last traded at $9.06, with a volume of 1,929,890 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RKLB. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Rocket Lab USA in a report 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 company from $8.00 to $6.00 in a report on Monday, July 15th. JMP Securities began coverage on shares of Rocket Lab USA in a report on Thursday, September 12th. They set a “market perform” rating on the stock. Citigroup increased their price target on shares of Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a report on Wednesday, August 14th. Finally, BTIG Research assumed coverage on shares of Rocket Lab USA in a report on Wednesday, June 26th. They issued a “neutral” rating on the stock. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Rocket Lab USA currently has a consensus rating of “Hold” and a consensus price target of $6.68.

Rocket Lab USA Price Performance

The company has a quick ratio of 2.43, a current ratio of 2.82 and a debt-to-equity ratio of 0.90. The stock’s 50-day simple moving average is $6.42 and its two-hundred day simple moving average is $5.08. The company has a market capitalization of $4.46 billion, a price-to-earnings ratio of -24.30 and a beta of 1.27.

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

Insider Activity

In other news, Director Michael D. Griffin sold 39,446 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $6.90, for a total value of $272,177.40. Following the completion of the sale, the director now directly owns 42,353 shares in the company, valued at $292,235.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, 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 completion of the sale, the director now directly owns 42,353 shares in the company, valued at $292,235.70. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $6.96, for a total transaction of $198,798.48. Following the sale, the general counsel now owns 637,558 shares of the company’s stock, valued at $4,437,403.68. The disclosure for this sale can be found here. Insiders sold 130,521 shares of company stock worth $906,059 over the last three months. Insiders own 13.70% of the company’s stock.

Institutional Investors Weigh In On Rocket Lab USA

Hedge funds and other institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new position in Rocket Lab USA during the second quarter worth about $46,000. Baxter Bros Inc. purchased a new position in Rocket Lab USA during the second quarter worth about $48,000. Advisors Asset Management Inc. boosted its stake in Rocket Lab USA by 59.4% during the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock worth $44,000 after buying an additional 4,032 shares during the period. Amalgamated Bank boosted its stake in Rocket Lab USA by 26.7% during the second quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after buying an additional 2,538 shares during the period. Finally, CIBC Asset Management Inc purchased a new position in Rocket Lab USA during the second quarter worth about $67,000. 71.78% of the stock is currently owned by institutional investors and hedge funds.

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.