Rocket Lab USA (NASDAQ:RKLB) Trading Down 3.5%

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

Analyst Upgrades and Downgrades

RKLB has been the topic of several recent research reports. The Goldman Sachs Group assumed coverage on Rocket Lab USA in a research report on Tuesday, June 11th. They issued a “neutral” rating and a $4.50 price objective on the stock. Morgan Stanley cut Rocket Lab USA from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $8.00 to $6.00 in a report on Monday, July 15th. Roth Mkm reissued a “buy” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a report on Tuesday, June 18th. JMP Securities started coverage on Rocket Lab USA in a research report on Thursday, September 12th. They issued a “market perform” rating for the company. Finally, Citigroup increased their target price on Rocket Lab USA from $5.45 to $7.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $6.68.

Rocket Lab USA Price Performance

The company has a 50-day moving average of $6.51 and a 200 day moving average of $5.11. 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 has a market capitalization of $4.58 billion, a PE ratio of -25.32 and a beta of 1.27.

Rocket Lab USA (NASDAQ:RKLB) last issued its earnings results on Thursday, August 8th. The rocket manufacturer reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $105.47 million. During the same period in the prior year, the business earned ($0.10) earnings per share. The company’s quarterly revenue was up 71.2% compared to the same quarter last year. Sell-side analysts predict that Rocket Lab USA, Inc. will post -0.39 EPS for the current year.

Insider Transactions at Rocket Lab USA

In other Rocket Lab USA 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 owns 42,353 shares of the company’s stock, valued at $292,235.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Rocket Lab USA news, Director Michael D. Griffin sold 39,446 shares of the business’s 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 transaction, the director now directly owns 42,353 shares in the company, valued at approximately $292,235.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Arjun Kampani sold 28,563 shares of the firm’s stock in a transaction that occurred on 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 approximately $4,437,403.68. The disclosure for this sale can be found here. Insiders have sold a total of 130,521 shares of company stock worth $906,059 in the last ninety days. Insiders own 13.70% of the company’s stock.

Institutional Trading of Rocket Lab USA

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. grew its stake in shares of Rocket Lab USA by 59.4% in the first quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after buying an additional 4,032 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Rocket Lab USA in the 2nd quarter valued at about $46,000. Baxter Bros Inc. acquired a new position in Rocket Lab USA in the 2nd quarter valued at about $48,000. Amalgamated Bank increased 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 purchasing an additional 2,538 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA during the second quarter worth about $67,000. 71.78% of the stock is owned by institutional investors and hedge funds.

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.