Rocket Lab USA (NASDAQ:RKLB) Trading Down 0.4% – Here’s Why

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) traded down 0.4% during mid-day trading on Friday . The stock traded as low as $10.58 and last traded at $10.64. 2,875,894 shares were traded during trading, a decline of 71% from the average session volume of 9,818,041 shares. The stock had previously closed at $10.68.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RKLB. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price objective on shares of Rocket Lab USA in a report on Monday, September 30th. Morgan Stanley lowered Rocket Lab USA from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $8.00 to $6.00 in a research note on Monday, July 15th. BTIG Research started coverage on shares of Rocket Lab USA in a research note on Wednesday, June 26th. They set a “neutral” rating on the stock. JMP Securities began coverage on shares of Rocket Lab USA in a research note on Thursday, September 12th. They issued a “market perform” rating for the company. Finally, Citigroup increased their target price 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. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Rocket Lab USA presently has an average rating of “Hold” and a consensus target price of $6.75.

Rocket Lab USA Stock Up 1.2 %

The company has a market capitalization of $5.33 billion, a P/E ratio of -29.22 and a beta of 1.32. The company has a current ratio of 2.82, a quick ratio of 2.43 and a debt-to-equity ratio of 0.90. The stock’s fifty day moving average is $7.69 and its 200 day moving average is $5.60.

Rocket Lab USA (NASDAQ:RKLB) last issued 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. Rocket Lab USA had a negative return on equity of 34.12% and a negative net margin of 54.17%. The firm had revenue of $106.25 million for the quarter, compared to analyst estimates of $105.47 million. During the same period last year, the company earned ($0.10) EPS. The business’s quarterly revenue was up 71.2% compared to the same quarter last year. Research analysts predict that Rocket Lab USA, Inc. will post -0.39 EPS for the current fiscal year.

Insider Activity

In other Rocket Lab USA news, CFO Adam C. Spice sold 62,512 shares of the 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 transaction, the chief financial officer now owns 1,321,165 shares in the company, valued at approximately $9,195,308.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, General Counsel Arjun Kampani sold 28,563 shares of Rocket Lab USA 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 $198,798.48. Following the completion of the transaction, the general counsel now directly owns 637,558 shares in the company, valued at approximately $4,437,403.68. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Adam C. Spice sold 62,512 shares of the company’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 value of $435,083.52. Following the completion of the sale, the chief financial officer now owns 1,321,165 shares in the company, valued at $9,195,308.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 130,521 shares of company stock worth $906,059 in the last quarter. 13.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA in the second quarter worth $46,000. Baxter Bros Inc. purchased a new stake in Rocket Lab USA during the 2nd quarter valued at about $48,000. Smith Anglin Financial LLC purchased a new stake in Rocket Lab USA during the 3rd quarter valued at about $104,000. Advisors Asset Management Inc. increased its stake in Rocket Lab USA by 59.4% during the 1st quarter. Advisors Asset Management Inc. now owns 10,816 shares of the rocket manufacturer’s stock valued at $44,000 after purchasing an additional 4,032 shares in the last quarter. Finally, Tamar Securities LLC purchased a new position in Rocket Lab USA in the third quarter worth about $108,000. Hedge funds and other institutional investors own 71.78% of the company’s stock.

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.